BHO Network has officially achieved full decentralization

With a groundbreaking decision, BHO Network burned an additional 2.177 billion BHO tokens, increasing the total number of tokens used to 54.2% of the total supply. These tokens were sourced from the foundation reserve and 70% of the Core Team's assets. This determination marks a key step toward transforming BHO Network into a fully Decentralized Autonomous Organization (DAO). At the same time, the BHO token is entering a non-inflationary phase and will be deflationary over time.

• Initial Total Supply: 10,000,000,000 BHO

• Current Total Supply: 4,572,797,884 BHO (54.2% burned, with deflation continuing over time)

• Circulating Supply: 4,572,797,884 BHO

Growth Journey

Founded in early 2021, BHO Network successfully fundraised $3.7 million from the community. Since its launch, the project faced significant market challenges, such as the collapse of Luna and FTX in late 2021, or the substantial decline in Bitcoin's value and Crypto market throughout 2022 and 2023. Despite initial rumors that BHO would fizzle out within six months, the dedicated efforts of the entire team have enabled BHO to overcome these obstacles and has achieved critical milestones, even as many other projects were forced to cease operations.

Top Picks

• BHO Network Layer 1 (BHC20): A high-speed blockchain network is built on Polkadot's Substrate Framework, capable of processing up to 50,000 transactions per second with minimal fees. It currently supports partnerships with educational and financial institutions, and will be improved into Private Chains tailored to the specific needs of these organizations.

• 3s Wallet: 3S Wallet is a decentralized wallet with simple, user-friendly design. In just three simple steps, users are able to access and engage with the Web3 ecosystem. Integrated with AI technology, it safeguards user’s assets against attacks. Supporting over 20 blockchain networks, including both EVM and non-EVM, 3S Wallet has garnered over 100,000 downloads on the App Store.

• BHO Pad: A DeFi platform that supports Web3 startups in raising capital and serves as a place for investors to stake BHO tokens for profit. In the near future, BHO Pad will be enhanced to become a Special Pad version, enabling investors to participate in promising projects with high profit potential, while also contributing to the deflation of the BHO token.

Mr. Dương Lê, Co-Founder and CEO/CTO of BHO Network, shared: “Our team’s foundation is rooted in the field of Artificial Intelligence. Therefore, we aim to deeply integrate AI into our products to enhance security and experience for users in the near future. Following that, we intend to develop engaging platforms and applications for BHO holders, where the more BHO the users hold, the bigger their benefits will be.”

Commitment to the Community

The determination to burn tokens is not merely an adjustment to the Tokenomics system, it signifies a firm commitment to build a strong governance model where every voice matters. Through this move of decentralization, the community will have full authority to determine the project's direction, ensuring that the growth of BHO Network is shaped and positioned by the collective will of its users rather than a centralized administrative organization.

“For a Web3 technology project, the initial phase required the team to manage a significant amount of tokens to prevent potential manipulation by external forces. At an appropriate time, it was essential to re-allocate Tokenomics for sustainable progress. At BHO Network, we chose to burn all our reserved BHO tokens and 70% of the Core Team’s assets, aiming for comprehensive deflation and enhancing the scarcity of BHO Tokens. This move also serves as a testament to our unwavering commitment to the project over the years,” - shared Mr. Nhật Phan, Co-Founder & Chairman of BHO Network.

Comparison with Other Projects

While BHO Network opts for a deflationary approach by burning tokens to reduce supply, many other projects choose to increase supply by minting additional tokens. Both burning and minting tokens have specific impacts on investors:

• Token Deflation: Burning tokens reduces the total supply, creating scarcity that can potentially increase the token's value if demand remains stable or rises. This strategy can attract long-term investors who believe in the project's sustainable growth.

• Token Inflation: On the other hand, minting additional tokens increases the total supply, which may lead to inflation and a decrease in token value if there isn't a corresponding growth in demand. However, this approach can provide the project with additional financial resources to support rapid development and expansion.

With this deflationary token strategy, BHO Network is fostering a more stable and sustainable investment environment, while underscoring the team’s commitment to the project and its community. This approach can strengthen investor confidence and promote the project's long-term growth.

Transformation to a DAO

Transitioning to a fully decentralized DAO structure marks a groundbreaking move for BHO Network and its community. A DAO places decision-making power in the hands of the community, allowing every token holder to propose, vote, and actively position the future of the project. By eliminating centralized control, BHO’s governance structure will stand as a conclusive proof of transparency and fairness.

Through this significant token burn, BHO Network is dispelling any concerns over opaque centralization, ensuring that its governance is now fully democratized. This action reflects the true spirit of blockchain technology — where no single entity holds disproportionate influence or control, and where collective community wisdom is the main factor determining the project's development.