#BurnSteem25 Contest- The Evaluation of my Support by @ruthjoe(#burnsteem25)

Hello steem friends,

Am happy to be again and I welcome you to my blog. When I saw this contest hosted by our boss @fredquantum on the title Burnsteem25 contest-The measure of my support . I realized that we owe this platform all the support it needs for it's sustainability and growth, so I love the contest. I want to say thank you for hosting the contest.

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WHAT DO YOU UNDERSTAND BY BURNING IN THE CRYPTO ECOSYSTEM?

Wow! This is a very good question. I remember the first time I came across the word burning or crypto burn was last year, during one of the crypto Academy lecture. I was really amazed after the lecture and I leant alot. After the lecture, we were asked to write about Proof of burn. I can't forget that experience. Am so grateful to the steemit team for crypto Academy lectures.

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Now back to the question, what I understand by burning. Burning in relation to the crypto ecosystem, is a strategy developed to remove some amount of coins that are already in circulation.

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Burning is achieved when users volunteer to send a certain amount of their coin to a wallet or an account where this coin can no longer be spent, used or withdrawn.

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Usually, this account where those coins for burning are sent are visible yet can not be accessed by users because they do not own the keys to the account or wallet.

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Purpose of Burning

• To increase the value of the Coin: One of the purpose of burning is to create scarcity of the coin in the market, which makes the demand for the coin to go up, therefore increasing the price or value for the coin.

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• To Show Commitment: Yes burning of coin shows how committed a user is to the project and platform. If a user can volunteer to burn a certain amount of his coin which is his asset then it shows you how committed the user is to the growth of the project.

EXPLAIN YOUR UNDERSTANDING OF AN EATER ADDRESS IN THE CRYPTO ECOSYSTEM AND ADD AT LEAST TWO EXAMPLES(AND THE PROJECT THEY ARE PERCULIAR TO)

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An Eater Address from my understanding is the account or wallet where burning takes place. The Eater Address serves as storage to reserve coins that are sent out of circulation. When users send their coin to the eater Address, they are simply saying I am willing to burn my coin because whatever coin sent to the eater Address can not be withdrawn by the user or spent. Usually the private keys of the eater Address is not made known to the users. There fore all the coins sent there are lost forever which is said to be refered to as burning.

So the Eater Address is actually called Eater Address because it is believed that whatever goes in there is eaten up forever.

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Examples of Eater Address and Project they are peculiar to

• Ethereum null Address :

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The Ethereum null Address is seen above on the screenshot. This is the address where coins are intentional sent in other to reduce the circulation of coin in the market.

Ethereum has been involved in burning of their coin. It is said that over 136,71 ETH was burnt as at 2021 and this burning contributed the rise of the coin.

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SHIBA INU

The burning of Shiba Inu coin is referred to as shib burn. Shiba Inu has 3 address for burning their tokens. And below are the address.

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These 3 address are used to burn shib corn. The first address has burnt over 6.7 dollars worth of Shib token so far, and it is the address commonly used for burning of the coin.

The shib corn price went up as a result of burning. This year 2022 as at may, it is said that Shiba Inu has burnt over 31 billion shib token.

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Steem Null Address

The steem eater address is referred to as the null Address @null . When users volunteer to set apart a portion of their reward gotten to this address called null. This is done by setting a percentage as beneficiary. Once it goes in, it can not be taken back by the user. Although it's still a new project but so far it is going so well.

ARE YOU AWARE OF THE #BURNSTEEM25 INITIATIVE ON STEEMIT? HAVE YOU BEEN PARTICIPATING IN THE INITIATIVE?

Yes am aware of the Burnsteem25 initiative. It is an initiative organized by the steemit steem where users set 25% beneficial of their reward to the account called @null. This is done when making your post.

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I advice you set your beneficiary even before you start making your post so that you don't forget to do after you are done with the post.

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Yes I have been participating in this initiative and it's been going on well.

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CONSIDER YOUR 10 EXPIRED ARTICLES AND 5 ACTIVE ARTICULES. HOW MANY HAVE YOU BEEN UTILIZED TO SUPPORT #BURNSTEEM25?(SCREENSHOT REQUIRED)

To consider my 10 expired post I have screen shot to show.

Now let's see their beneficiaries in a screenshot.

Now let's look at the screen shoot of my 5 Active posts.

Now let's their beneficiaries below.

From all the screen shot above first from my last 10 expired post it is seen that I have supported Burnsteem25 initiative in 4 of my post while in my last 5 active post I have supported all the active post listed above.

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This initiative is really a good one and I encourage all steemians to join this move, together we can make steem great.

Thank you for reading, I invite my friends to join this contest

@lhorgic @olabillions @okere-blessing