What is the soft lock?

The community premines (XEP coins reserved on behalf of the community members) were issued for the years 2021, 2022, 2023, and 2024 during the creation of the Electra Protocol blockchain. These premines are attached with a so-called soft lock.

A softlock is a security measure in order to prevent the spending of coins (which were reserved for a specific year) in any other year. The softlock for a given year is removed when a new year starts. For example, the softlock of the 2022 premine is removed at the beginning of 2022.

The XEP premines are secured with a softlock of 50% of their yearly value.