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July 07, 2018, 08:50:22 AM |
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Careonchain is going to launch its ICO on 14th July 2018 and has implemented every effective method to increase the value of its token. One of the most credible methods is burning the unsold tokens in the ICO. You might wonder how it helps in raising the value of tokens, we'll tell you how.
It is quite based on the principle of demand and supply. When the supply of a commodity is less, the price of that commodity automatically goes high. However, in the cryptosphere, burning tokens means getting rid of the unused and unsold tokens to maintain the value of the remaining ones.
What is Token Burn?
This precludes burning of tokens or coins which are indispensable. This methodical burning helps in the regulations of coins, it helps in avoiding a deluge of cryptocurrencies which may cause a plummet in the prices of all the coins. Careonchain has adapted this process to keep the price of its token intact.
We want to make sure that the tokens retain their intrinsic value and do not lose them due to a disproportionate overflow. This process of burning the tokens is followed by most of the ICO projects these days, but it is considered as a trivial task as compared to the other parts of the project.
Token burning is way more significant than it is regarded by the project owners. Because of the lack of attention, if this process is not executed properly, the result will be the circulation of the those coins in the cryptospace. It directly hits the price of your tokens and may ruin all your rewards and incentive schemes.
Ways of Burning Tokens
There are different methods that are employed to burn or destroy the tokens. The most common is sending the cryptocurrencies to an account which is invalid and inaccessible. By doing this, your tokens are sent to a black hole, from where they can never be recovered. The unusable address renders those tokens inactive eternally.
The other way of doing this is paying for the transaction fees. This particular method is most common in Ripple cryptocurrency. The idea is to generate more amount from the transactions and burning a little value of the transactions to keep the value high. By paying for the transaction, you end up paying for the whole network instead of individual parties.
Integrating it Into the Project
{Careonchain will start burning the tokens from Jan 2019. The process will continue for 36 months, burning 2-3million tokens each month as per the market}
Careonchain has paid due attention to this process, as it is pivotal in keeping the prices intact. Being a technology driven project, Careonchain has heeded to every aspect of blockchain and utilized it to create an optimal environment. We admire the technology which has bestowed the opportunity to take bigger steps.
By telling the importance of token burn, we want to acknowledge the wonders of cryptocurrency. Careonchain project is dedicated to hybrid technology and we have ensured that our token holders get the right value of their tokens. Alongwith token burn, Careonchain is going to take care of each and every essential that's going to serve our investors.
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