Gambit Token Burning - Proof of Burn Information
Gambit tokens that are purchased from the profits of ANY of our revenue-generating streams are permanently burned. What this means is that they are forever removed from the total supply of the coin, adding deflationary-like economics to the token. Proof of burn simply means the coins have been provably destroyed, and the only way to do this is to send them to an address which is improbable to have been generated from a private key, and thus cannot be spent.
Gambit uses the address GHqvR8KwyrcJ5UJHvwf7RmLtvAnr5uTHdV
as the location to burn all of the tokens, because this address is provably unspendable and has been thoroughly tested by the public. Tokens sent to this address can never be redeemed, transfered, or spent again. Anyone can run the code used to generate this address and confirm for themselves.
To make things easy and secure, we used the altcoin burn address from http://earlz.net/view/2014/10/22/0340/provably-spendable-altcoin-burn-addresses
Gambit uses Version 38, which you can see our burn address listed for the example.
For even more information on Proof of Burn:https://en.bitcoin.it/wiki/Proof_of_burn
You can find the Gambit burn address and see how many tokens have been destroyed by visiting here:https://chainz.cryptoid.info/gam/address.dws?GHqvR8KwyrcJ5UJHvwf7RmLtvAnr5uTHdV.htm
Lastly, on every page of our block explorer you can see the current total of burned tokens. Example:Gambit Affiliate Links - Sign up with these links to get discounted trading fees
Get a 10% discount on your fees & 20% more goes towards reducing the total supply of GAM by purchasing and burning the tokens.
Get a 10% discount on your fees & 10% more goes towards reducing the total supply of GAM by purchasing and burning the tokens.
20% of your fees goes towards reducing the total supply of GAM by purchasing and burning the tokens.
15% of your fees goes towards reducing the total supply of GAM by purchasing and burning the tokens.