complete details about the coin burn

complete details about coin burn 

complete details about the coin burn

Note: The first part of this article describes how the Binance coin was first burned when it was in Ethereum. Binance Coin is now available in Binance China, so the copy function works differently. However, the argument applies to existing ERC-20 tags that support the burn function.

Burning coins, removing bribes from circulation, and reducing government bills. To show how this works, we use a binary coin (old BNB ERC-20). When it comes to Ethereum, you can find the old BNB contract.

While Binance Coin is still part of the Ethereum ecosystem, Binance performs coin-burning activities using a smart contract feature, sometimes called a copy function. BNB is burned quarterly until 100,000,000 BNBs are removed, which is 50% of the total BNBs produced so far (200,000,000 BNBs).

The amount of BNB coins depends on the number of trades made on the exchange in 3 months. Therefore, after each quarter, Binance burns BNB according to its total sales volume.

However, many people still do not understand how Coin Burns works. The purpose of this article is to provide information about the Burn process and BNB coin burn events once every three months.

How does it work?

Combustion usually occurs in the following order:

Owners of cryptocurrency tell the copy function that they want to burn a certain amount of coins.

The smart contract then checks to see if there are any coins in the person's wallet and whether the specified number of coins is correct. The burning method allows only positive polo numbers.

If the person does not have enough coins or the specified number is incorrect (eg 0 or 5), the activation process will not take place.

Once the envelope is made, the coins are taken out of the wallet. Then the state coffers of this money will be replenished, that is, the coins will be burned forever.

If you follow the burn function to burn your coins, they will break permanently. Once burned, coins cannot be returned, and burn-proof can be easily checked in Blockchain Explorer using blockchain technology.

In other words, Binance Coin Agreement has an activation function that can be used at any time. By calling this function, you can permanently remove a certain amount from the network source of the connected network. As mentioned in Mentionedocar, each token is recorded as a transaction in a prohibited event. The burning process is transparent and anyone can confirm that the coins are broken.

When Quinnburn was released quarterly, Binance BNB officially announced that the coins had been burned (based on quarterly sales volume). You can view all BNB ERC-20 Coin Burn transactions using an Ethereum blockchain researcher such as Etherscan. The last rites are open to all and non-refundable and are recorded in a notebook regularly.

Existing Binance Activation Feature

Since the emergence of Binance China, the BNB ERC-20 trademark has been gradually replaced by the local Binance Coin (BNB BEP-2). This means that the Coinburn events are not in the Ethereum network, but in the Bay of Plenty.

It should be noted that BNB ERC-20 steel is “repeatedly” heated in the conduction circuit to ensure overall uniformity. As a result, 1,1654,397 BNB ERC-20 tokens were also burned on the Ethereum network on the Binance Chain (after the Manat was sent). You can view this copy process in BinarySense Explorer. You can also watch the full BNB show.

The current BNB mechanism relies on a special order to execute the balance chain, not the smart contract. More information can be found on the Binance Chain documentation page.

By April 2022, Binance had completed 19 BNB Coinburn events. A total of 36,723,852.37 BNB were burnt and the total amount decreased by 18.36% (163,292,674.61 BNB at the moment).