Hello guys,
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
Burning coins means that the coins or tokens will be sent to a burn address like the one you have metioned in your post. The important thing is that no one has the private key to this addresses which means once the tokens are sent to one of those addresses then the tokens are destroyed or "burned" and there is no way to ever get them back which decreases the circulating supply of the token and therefore increases the value of the remaining tokens. So normally it is a good thing if a project has a burning mechanism included in his tokenomics as it is usually very benifitial for every long time holder of that coin.