One of the forces that support Jax.Network issuance is the fact that sometimes some of the tokens get lost. This can happen because of several reasons, one of which is burning coins. This can be a good thing, and we will detail how in the following article. But firstly, let’s explain what burning coins mean. What Is the Coin Burning Process All About? The term “burning a coin” in the material world would mean that an investor is taking a zippo and burning tangible currency. Since digital cryptocurrencies exist only virtually, this is not possible. However, the idea is the one that counts. Coin burning is the action by which digital currency miners and developers can remove coins from circulation, reducing the total flow of that currency. So, the term burning is a bit misleading. The burnt coins still exist on the blockchain, but no one has access to them. How Can We Burn Coins? To remove coins and tokens from circulation, miners and developers are acquiring these coins. They are sending them to verifiably un-spendable addresses, which are unique addresses that have inaccessible private keys. Without access to the private keys, no one can use these coins or tokens, thus making these coins and tokens unusable. This reduces the circulation of coins and ensures that the network gets all incentives of the parties involved aligned. What Are the Benefits of Jax.Network? First, let’s see what is burnt here and how on Jax....
