The post Script Network Announces 72 Million SCPT Burn Program to Mark Key Milestones and Strengthen Ecosystem appeared on BitcoinEthereumNews.com.

[Cambridgeshire, UK] – November 20, 2024 – Script Network, the pioneering blockchain platform revolutionizing video and entertainment, has unveiled an ambitious SCPT token burn program, committing to remove 72 million SCPT tokens from circulation over the next two years. This initiative underscores the platform’s off-chain success, the growing adoption of its infrastructure, and its commitment to sustainable long-term value for its community and stakeholders. A Milestone Worth Celebrating This announcement follows a year of exceptional achievements that have firmly established Script Network as the leading entertainment and gaming platform in Web3. Key milestones include: Over 120,000,000 minutes watched on the Script.tv platform, reflecting strong user engagement. Officially the most utilized entertainment or gaming platform in Web3, setting new industry standards. Successful buildout of an advertising protocol, enabling monetization for creators and advertisers. Accessibility on over 400,000,000 devices worldwide, showcasing unparalleled scalability. A growing ecosystem of 25+ companies, with 8 actively leveraging Script Network infrastructure and APIs. These accomplishments highlight Script Network’s leadership and its rapid adoption across the Web3 entertainment landscape. The Burn Plan in Detail The SCPT burn program will remove 3 million tokens every quarter over three years, totaling 72 million tokens by the end of 2027. The first burn will take place on January 1, 2025, with subsequent burns occurring quarterly. To ensure transparency, Script Network will launch a dedicated ‘burn page’ in its official documentation, providing transaction IDs (TX IDs) for each burn to enable on-chain verification. Why Token Burns Matter Token burns reduce the circulating supply of a cryptocurrency, enhancing scarcity and potentially increasing long-term value. By committing to this deflationary strategy, Script Network reinforces the importance of SCPT as a central component of its ecosystem while aligning incentives with the interests of its holders. This initiative also underscores Script Network’s focus on sustainable growth…

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Filed under: News - @ November 21, 2024 7:14 am