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RE: Steemit Crypto Academy Contest / S5W4 - Token Burn.

in SteemitCryptoAcademy3 years ago

Hey bro,

Some networks do not involve investors's'funds in the burning process but they carry out the process of burning while the minting of tokens takes place

As you all know now all token and Blockchain technology has their different ways of burning or removing the asset from the total supply in the market and at same time increasing the price and value of the coin in the market by increasing the demand of the coin.

Token burn is a process in place in crypto networks wherein tokens are sent to a dead address so that they are Irretrievable and therefore reduced from total circulation.

Another good thing about this burn token is that it's occurs permanently and it can't be hacked because all it do is destroying instead sharing or saving.

Thank you very much for sharing, please you can check my own entry here

wishing you success

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 3 years ago 

Thanks for your valuable feedback.