Welcome to BlockBurns
An Ecosystem for Burning
Last updated
An Ecosystem for Burning
Last updated
BlockBurns aims to become an ecosystem around token burning. Whether you are an everyday Blockchain User or a bonified Blockchain Developer we have you covered!
What is burning?
Token burning refers to the permanent removal of existing cryptocurrency or tokens from the existing circulation, creating deflationary effects on their spot price.
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What it the most common way of burning?
Perhaps the most common way to carry out a token burn is for a protocol’s foundation to purchase a set amount of tokens on the open market and effectively remove the tokens from circulation. This is achieved by sending the tokens to a private burn address which cannot be recovered as the private keys to the burn address were never known and thus the tokens cannot be recovered. The term token burning was likely coined in order to easily illustrate the end result without much nuance.
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If you are an everyday Blockchain user head over to the section to burn unneeded tokens!
If you are a Developer head to our section!