During the token burn on the 14th of February, we ran into some problems with the burn function of our smart contract. This issue actually limited our burn amount to 70 million tokens instead of the full 85 million tokens remaining from the Airdrop.
Proof of stake
We’ve had a lot of meetings to find a solution to this issue. As you all know, we are developing the REBL blockchain. While executing transactions on it, you don’t need to pay any external fees — unlike when performing transactions with ERC20 tokens on the Ethereum network, which requires a cost of ETH. Within our new ecosystem, you pay a minor transaction fee from your REBL balance instead of ETH. This inspired us to change the current Proof of Stake mechanism for the time being (until we swap our REBL tokens for the main net REBL coins).
This is how staking with REBL Wallet v0.03 will work:
With Wallet v0.03, you will no longer require ETH to collect your REBL tokens. We will use the remaining 15 million tokens from the token burn to distribute the interest.
The moment you click the collect reward button, your stake will be transferred from the leftover airdrop pot into your wallet. The maximum circulating supply will be 326,480,305 REBL tokens.
This can easily be corrected once we switch over to the blockchain.
The big advantage for REBL holders
– You don`t have to pay any Ethereum to collect your stake earnings.
– The 15 million remaining from the burn will go to the community as a stake reward.
Besides this, we are also proud to announce Ledger device support for the Rebellious wallet. Safety is very important for us and we encourage the use of a hardware device to unlock your wallet. The Rebellious wallet is safe and we can`t see any private keys but in general, it`s a much better practice to access your wallet with a Ledger Nano S. In the near future we are going to upgrade our wallet to support Trezor as well.