In a landmark move, BHO Network has decided to burn an additional 2.5 billion BHO tokens, bringing the total number of tokens burned to 55% of the total supply. These tokens are taken from the reserve fund and 70% of the Core Team’s assets. This decision is to transform BHO Network into a fully decentralized governance organization (DAO), ensuring that the power and consistency of the project will be decided by the community. At the same time, BHO Token will enter a non-inflationary phase and will gradually decrease over time.
- Development journey
Founded in early 2021, BHO Network has successfully raised $ 3.7 million from the community. Since its launch, the project has experienced many major market challenges such as the collapse of Luna and FTX in late 2022, or the sharp decline of Bitcoin and the Crypto market in 2022 and 2023. Although it was rumored that it would not be able to develop within 6 months, with the efforts of the entire team, BHO has overcome difficulties and achieved important progress while many other projects have had to stop.
- Outstanding products
BHO Network Layer 1 (BHC20): Blockchain network built on Polkadot’s Substrate Framework, with a maximum transaction speed of up to 50,000 transactions per second with very low fees. Currently, this product is used to connect and cooperate with educational and financial institutions, and will be improved into Private Chains according to the needs of the organizations.
3S Wallet: A decentralized wallet with a streamlined design, requiring only 3 steps for users to use the wallet and participate in the Web3 financial system. 3S Wallet is integrated with AI technology to protect user assets from attacks. The product has integrated and supported more than 20 Blockchain networks including EVM & Non-EVM, currently 3S Wallet has more than 100,000 downloads from the AppStore.
BHO Pad: A DeFi platform that supports Web3 startups to raise capital and is a place for investors to stake BHO Tokens to earn profits. In the near future, BHO Pad will be improved to become a Special Pad version, helping investors participate in interesting projects and easily generate profits, and BHO Tokens will also be deflated through here.
Mr. Duong Le, Co-Founder & CEO/CTO of BHO Network shared: “Our team’s starting point is from the field of artificial intelligence, so in the near future, the team wants to deeply integrate AI into products to improve security and user experience. Next, we will develop interesting platforms/applications for BHO Holders to participate in, the more BHO they hold, the greater the benefits for users.”
- Commitment to the community
The decision to burn tokens is not only to adjust the Tokenomics system, it demonstrates a strong commitment to building a governance structure where every voice counts. Through this decentralization action, the community will have full authority to decide the direction of the project, ensuring that the development of BHO Network will be shaped by the collective will of users instead of a centralized governance organization.
“With a Web3 technology project, in the early stages, the team needs to manage the majority of Tokens to avoid the project being manipulated by external forces. At an appropriate time, Tokenomics should be re-allocated appropriately to continue. With BHO Network, we chose to burn all BHO reserves and 70% of the Core Team’s BHO assets, to thoroughly reduce deflation and increase the scarcity of BHO Token, and also to prove to investors that our team has been closely following the project over the years.” – Mr. Nhat Phan, Co-Founder & Chairman of BHO Network shared.
While BHO Network chose to reduce token deflation by burning the supply, many other projects chose to print more tokens to increase the supply. Burning or printing more tokens both have certain effects on investors:
Token Deflationary: Burning tokens reduces the total supply, creates scarcity and can increase the value of the token if demand remains stable or increases. This can attract long-term investors who believe in the sustainable growth of the project.
Token inflation: On the contrary, printing more tokens increases the total supply, which can lead to inflation and decrease the value of the token if there is no corresponding growth in demand. However, this can help the project have more financial resources to develop and expand rapidly.
BHO Network, with its token deflation strategy, is creating a more stable and sustainable investment environment, while affirming the team’s commitment to the project and the community. This can help increase investor confidence and promote the long-term development of the project.
- Convert to DAO
The transition to a fully decentralized DAO structure is a breakthrough for BHO Network and its community. The DAO puts decision-making power in the hands of the community, allowing each token holder to propose, vote, and participate in shaping the future of the project. By removing centralized control, BHO’s governance structure will become a living testament to the ideals of transparency and fairness.
By burning this large amount of tokens, BHO Network is eliminating any concerns about opaque centralization, ensuring that the governance structure is now fully democratized. This action reflects the true spirit of blockchain technology – where no single entity has undue influence or interference, and where the wisdom of the community will be the main factor determining the development of the project.
