Coinburning is a unique concept for cryptocurrency markets and has been adopted by a wide range of coins and tokens.In Coinburning local cryptocurrency is sent to a public address and from here these specific coins can never be spent because the private keys of these addresses cannot be obtained.
The work of coin burning is that the duplicate function is hold by the holders and they choice the coin for the burning process and also they decide the amount.The assets of a person in the form of currency should be verified in the wallet and confirmed by a smart contract.Only positive numbers work.If the specified number of coins is incorrect then the person does not have enough coins the copy function will not be execute
Coins will be deducted from the person's wallet if they don't have enough coins and the total supply of coins will be updated and then the coins will be burned.The work of the coin burning is very unique and and it's gives so many benefits and their are so many reasons behind this process and below I'm going to share the reason of coin burning
Useful Mechanism.
Coins that have a Proof of Burn consensus mechanism fall into this category.Pob is an alternative consensus algorithm designed to solve the power consumption problem of proof-of-work consensus mechanisms.
Increase Value.
In cryptocurrency the coin burning process used to increase the value of the crypto currency that the miners are mining in the blockchain.The process of blockchain is to justify the work of coin burning and the nodes of blockchain who want to get reward have to must first understand the economic concept of supply and demand.Price that will take advantage to specific value by making it .
Spam Protection.
Coin burning in cryptocurrency has been use in the natural ways to control the scam of transaction.Coin burners incur transaction costs in the same way that people pay a small fee for BTC transactions.There are some plans to control the spam and if anyone follow these plans then he will safe from scam