Total and Circulating supply of CNET explained

Hi Guys

We just want to put your minds at ease as there have been a few queries on the forums about the Total and Circulating supply as shown on CnetScan.

The white paper states that there will never be more than 23,000,000 Cnet in circulation. It also states that part of the coin mechanism is to burn down¬† coins…

Extract from White paper: “So, although the table shows an increase in the number of
CNET to approximately 36 million coins, ContractNet will burn coins to maintain a maximum level of 23 million. This burn-back will be from coins received as revenue for services, coins held in reserve or coins bought back from the open market.”

Coin Mechanism - Cnet White Paper
Coin Mechanism – Cnet White Paper

The first burndown of 10,000,000 CNET happened at ICO, taking the circulating supply down at the time to 13,000,000 CNET.

Since then block rewards have been minted and paid out to miners, which has increased the number of coins in circulation to 14,027,880 CNET as shown above in “Circulating Supply”¬†.

The total supply has also increased which is consistent with the table above, taken from the white paper.

It is important to understand the the total amount of coins in circulation will never exceed 23,000,000. Investors are advised to watch the CIRCULATING SUPPLY number on CnetScan.

We hope that this explains the mechanism and that investors understand that what is reflected on CnetScan is exactly what the white paper lays out.

Please comment if you have any further queries.