Let's Support Hashtag #burnsteem25 with 25% setting to @null to Improve the Steem Ecosystem in the Future || Burning Steem || This Post Rewards Has Set 25% beneficiary to @null

The rarer something is, the more expensive it can be. Token burning is just like that. Suppose You have a coin that is worth a certain sum, let’s say $1, and there are 10 million coins available for purchasing. If 1 million coins would be removed from circulation for good, their value would increase dramatically, simply because now they are rarer than before.

The Main Concept Post Link:

• Steemit Engagement Challenge Week # 4 | Propose A New Steemit Project| Steem Burn by @rosz

What Is Token Burning?

---

Token burning is the process through which coins are purposely and permanently removed from the circulating supply.It is typically performed by the development team which can also buy back tokens and burns them. It involves parts of the supply that are already available, such as unallocated tokens or those that are stored in the team’s Treasury. Some companies burn tokens regularly, while others do so as a one-off event.

Tokens are burned in various ways:

• Sending tokens to a frozen address, such as a “burn address @null ”.

• Nobody has the private key for this address.

• Once the tokens are sent, the transaction cannot be reversed, and they cannot be withdrawn.

• Deflationary purposes are used to influence the price of a coin.

• If the supply is reduced and the demand remains the same or increases, the price goes up.

• However, if the demand decreases, coin burning may not help much.

• To maintain the price peg of stablecoins

• here coins are burned to keep the price of an asset at a near-constant level.

Effective Consensus Mechanism

---

The proof-of-burn mechanism is a consensus algorithm implemented by a blockchain network. All of these options are perfectly valid reasons for burning tokens. And no, once a token is burned, there is no way to get it back, which means that this is a definitive decision.

How to set 25% beneficiary to @null?

---

Hope everybody on this site knows how to set beneficiary. Even then, those who still do not know how to set the beneficiary can easily set the beneficiary by looking at my steps.

• First, in your post, you have to click on the advance setting below the post.

• Then you will see a dialog box like this. From there type @null ID in the marked box and set 25% in the Beneficiary next to it.

• Your work is almost finished, just click the save button.

• This way your beneficiary will be successfully set.

I am supporting this project. Because here is our advantage. If steem coins are more valuable in the crypto market then we users will get the biggest benefit. Everybody on this site had a great day.

---

Cc:
@steemcurator01
@pennsif