Coin burning is the process by which digital currency miners and developers can remove tokens or coins from circulation, thereby slowing down inflation rates or reducing the total circulating supply of coins, according to the Motley Fool.
Coin burning is a concept unique to the cryptocurrency markets, having been adopted by a wide range of coins and tokens. Though it may sound hard core, but coin burning is a central mechanism that could prove to be a popular feature for cryptocurrency projects down the road. In fact, many Initial Coin Offerings (ICOs) have integrated a coin burning mechanism for unsold tokens at the end of their token sale.
Qitmeer the next generation public chain based on BlockDAG which is dedicated to serving the ecosystem of Islamic Finance, ethical finance, and socially responsible investment, have adopted the burning mechanism and integrated it into the Kahf wallet .
This mechanism burns certain amount of HLC in the wallet which will be exchanged for Meer Coin after Qitmeer Network mainnet . The exact amount burnt will be the equivalent of Meer Coin given.
The burning function was officially announced on the 27-10-2019 through the Qitmeer interactive development platform qitmeertalk.org . Below is the link for the detailed analysis….