Our famous token burn
What’s a token burn?
A token burn consists of permanently removing coins from circulation, thus reducing the total supply of a cryptocurrency. As the cryptocurrencies are mined, the total number of available coins is known at the creation of the project. So by following the principle of supply and demand, if supply decreases the price will have an upward reaction.
It is impossible to recover coins once they have been burned. The operation is non-reversible. The reasons tokens can be burned are if the issuing company decides to do so, if a transaction is sent to a wrong address or if part of your purchases is allocated to this process (as our unique concept).
What’s our token burn procedure?
The amount of token to be burned is based on the amount of purchases made on our website in the past month. Each month, we burn 10% of all orders while respecting the volume of each project. For instance, if we have sold for 10K USD of XRP items, we will burn 1K of XRP tokens.
As soon as a monthly token burn takes place, we notify you via the email address you used for your order. You can check all destruction transactions on an Ethereum blockchain browser, such as Etherscan. Destruction transactions are public, irreversible and permanently recorded on the blockchain.
At first, these manipulations will be done manually by our team. We are planning on automating the burning of the token as soon as the order is placed. The transaction would therefore be visible as soon as your purchase is completed. For obvious questions of transaction fees, this is not viable for the moment.
So you have understood that the higher the volume of purchases, the more tokens are burned. This has an influence on the decreasing number of remaining tokens, which in turn increase in value.