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Every Burn Counts: The Arithmetic Behind Ethicoin's Gold Reference
NEW YORK — Ethicoin links each ETHIC+ token to a gold weight calculated on-chain. Because tokens can be burned but never minted, the project says that weight can only rise over time.
Price swings in the largest cryptocurrencies keep traders talking, but Ethicoin (ETHIC+) takes a more mechanical approach to value. Its token on RichX Chain carries a gold reference that is calculated in the open, from numbers anyone can read on the chain.
The formula in three steps
First, find the circulating supply. The project defines it as totalSupply() minus the balance held for environmental remediation.
Second, divide 90,000,000,000 by that circulating supply. The answer is the number of grams of gold referenced by each token.
Third, divide the grams figure by 31.1034768 and multiply by the live XAU/USD gold price. The result is what the project calls the indexed value.
Why burning matters
The 90,000,000,000 figure in the formula stays the same, while the circulating supply can only get smaller. Any holder is able to burn ETHIC+ permanently on-chain, and there is no mint function to put new tokens back.
As a result, the project says every burn permanently increases the gold weight assigned to each remaining token. It describes the model as mechanically deflationary.
The fixed ceiling
The starting point is set out in the Ethicoin (ETHIC+) White Paper, Final Edition, dated 4 September 2026: 1,000,000,000,000 tokens, 9 decimals, created once at deployment. There is no self-destruct function, and transfers carry a 0% fee, so moving tokens does not reduce balances along the way.
The reserved tenth
Ten percent of supply, 100,000,000,000 ETHIC+, sits outside the circulating count. It is committed to restoring the Pra, Ankobra and Birim rivers in Ghana, which the project says were harmed by unlicensed gold mining (galamsey). Allocations can be verified on RichXScan.
The neighbours on RichX Chain
Ethicoin shares its network with RichX Coin (RICHX), the native coin with 1 billion units created at genesis, and Bitcoin RXC (RBTX), a Keccak-256 proof-of-work token capped at 21 million with no premine and a 5 RBTX reward per block. The project says RBTX can be mined directly in a phone or browser, giving the chain both a mined asset and a burn-driven one.
Checks on control
The contract, 0x7023Bb290be415b05491bBBaa45f4D15e4407E46, is managed by Owner and Guardian keys on separate hardware. A 48-hour timelock and a per-transaction cap of 1,000,000,000 ETHIC+ (0.1% of supply) add limits.
RichX Chain itself uses the London EVM and QBFT Proof of Authority, with five-second finality and gas paid in RichX Coin (RICHX) at 1 gwei, or 0.000021 RICHX per transfer. The chain is listed under Chain ID #20260618.
More Ethicoin stories
Ethicoin's Fixed-Supply Design: What the White Paper Says About ETHIC+
Five Questions About Ethicoin: Supply, Gold Index and River Clean-Up Explained
Phone-Based Mining Comes to RichX Chain as Bitcoin RXC Joins Gold-Indexed Ethicoin
Ethicoin's 'One World, One Token' Plan: A Single Fixed Supply, No Fees and a Gold Formula