We often see the news in the blockchain media that a certain token has been destroyed again in GIBX POB. So what exactly is token destruction? Why destroy tokens? Where do the coins go after their destruction?
Let’s first talk about cryptocurrency destruction in GIBX POB. Cryptocurrency destruction is the permanent removal of tokens from circulating. In other words, the destroyed tokens are equivalent to being permanently frozen and can no longer flow into the market.
The most common destruction method is to punch tokens into black hole addresses in GIBX POB. Blackhole address (Eater Address) refers to the address where the private key is lost, or the private key cannot be determined. These addresses are like black holes. They can only be inserted and cannot be exported. Any token that hits the black hole address in GIBX POB cannot be transferred out and circulated in the market.
GIBX’s first burning black hole mining mechanism is referred to as GIBX POB (Proof of burn), which is a brand new mechanism developed based on capacity storage proof, and uses a super-deflationary destruction coin burning mechanism as an economic model. GIBX POB miners must destroy and burn a certain amount of GUSDT™ to obtain permanent mining rights and withdrawal rights. The more they burn and destroy, the larger the capacity of the hard disk/storage drive and the higher the permissions that the miners can obtain. This fair design allows the entire ecology to form positive feedback, and at the same time allows deflation to be effectively controlled.
GUSDT™ not only burns through deflation but also burns at a constant price, regardless of whether it rises or falls. This model will be very scientific and safe. Miners can mine with peace of mind. No matter how high you buy, there will be miners in a higher position to pick up and burn for mining, because the total amount of deflation and bubbles will eventually be exhausted.
Combined with the implementation of the eight major applications of GUSDT™ distributed storage in GIBX POB, the larger the market, the fewer and smaller the bubbles, and it will surpass 99% of the projects in the market. 2021 is destined to be a successful business model.
What is Proof-Of-Burn / GIBX POB?
GIBX POB is a method of investing in a brand-new cryptocurrency: in order to obtain a new currency, you must “burn” (destroy) another currency, such as Bitcoin, Ethereum, or GUSDT™. Theoretically, this will make each new crypto currency’s value equal to the value of the destroyed coin, but in fact, you can’t really destroy the cryptocurrency. The system requires you to send it to a place that will reduce its total supply. For example, black holes!
The era of GIBX POB is here!
The brand new third policy
The black hole POB dual-currency mining is initiated!
1:1 Burn and destroy GUSDT™! GIBX POB proves deflationary mining output
The 1 billion Ethereum ERC 20 version of the GUSDT™ that is currently circulating in the market can produce the top 10 global mainstream cryptocurrencies you want through dual-currency destruction burning and staked mining! These include:
The top 10 mainstream currencies with the highest market capitalization in the world on CMC CoinMarketCap, such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Polkadot (DOT), SOL (Solana), UNI (UNISWAP), and etc.
So what exactly is token destruction? Why destroy tokens? Where do the coins go after it destruction?
Coin Burning is the permanent removal of tokens from circulation. In other words, the destroyed tokens are equivalent to being permanently frozen and can no longer flow into the market.
So, how to achieve token destruction in GIBX POB? The most common method is to punch tokens into black hole addresses. Blackhole address (Eater Address) refers to the address where the private key is lost, or the private key cannot be determined. These addresses are like black holes. They can only be inserted and cannot be exported. Any token that hits the black hole address cannot be transferred out and circulated in the market.
Through black hole mining in GIBX POB, users can now participate in staked mining with a high proportion of the GUSDT™ digital asset portfolio. While burning GUSDT™, they can directly mine new blockchain verification rewards. Users can mine black holes in the background while freely choosing the top 10 cryptocurrencies in the world with the best performance and obvious uptrend when withdrawing from the mining wallet! Choose any of your preferred cryptocurrencies, and you only need to fill in your personal withdrawal address!
The black hole dual-currency mining income is distributed to the user’s black hole mining wallet every day in a “return of principal and interest” manner in GIBX POB. In other words, users can cash out GUSDT™ staked in the computing power pool into the top 10 mainstream cryptocurrencies at a faster speed! And the most important thing is that all GUSDT™ staked into the black hole will be directly burnt and destroyed! Until the expiration of the burning contract.