1 / 6

All you need to know about coin burning - WazirX

If you are a beginner in the crypto world and you have no idea about coin burning. Check this presentation that is all all you need to know about coin burning. Learn more at https://wazirx.com/

izasetia
Download Presentation

All you need to know about coin burning - WazirX

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. All you need to know about coin burning

  2. What is coin burning? • It is a deep process of removing the extra supply of digital coins from the market. The leaders and certain authorities have the right to do so. The coins are sent to the ‘eater address’ and their further procedure and implementation take place at that address only.

  3. Two types of coin burning • Protocol level mechanism • It is done when the burning coin has been hardwired into the project’s DNA from the issuance. It can be automatically implemented based upon the network’s codebase. • Economic policy • This includes coin burning with respect to certain economic policies. It is done when the part of transaction fees are removed after being received for payment for an activity on the network.

  4. Reasons for burning coins • Coin burning has been utilized by many projects. Some common reasons of coin burning are- • To achieve more effective consensus • Curb spam attack • Economies of scale • Illustrates a project’s longevity

  5. Example of a project that utilizes coin burning • Ripple (XRP) • One of the top cryptocurrencies uses coin burning in the transaction processes. The network burns a small portion of the coin every time a transaction takes place. This eventually impacts the total circulation of assets in the market. It requires 100000 transactions to burn an XRP coin. • There are various crypto exchanges that provide XRP as one of the cryptocurrencies to convert, buy, and exchange in India. Among them is Wazirx, the leading crypto platform with great customer support and safety assurance.

  6. Thank You

More Related