01 December 2021 15:45, UTC
Reading time: ~ 2 m
A mechanism for the destruction of tokens appeared in the blockchain, which eliminates the share of transaction fees
This morning, an update called Bruno was activated on the blockchain module 13,082,000. Binance Smart Chain has made a recommendation to improve BEP-95, which contains a mechanism to eliminate tokens. From this moment, in each module of the network, it is planned to eliminate a certain part of the commission, which is charged by the validators. Ethereum’s deflationary model has similarities to this elimination method, which was launched in early August after the crypto space learned of another update called London.
With the release of the Bruno update, part of the eliminated blockchain fees was 10%. However, it should be understood that this coefficient can be freely adjusted by validators.
The creators of the network put forward the idea of activating the method to eliminate Binance Coin closer to the beginning of November. They believe that the constant eradication of tokens will make the deflationary model a reality as soon as possible and at the same time increase the price of altcoin.
Using 20% of blockchain income is used to purchase and destroy tokens during each quarter of the year. The blockchain plans to continue doing this until the altcoin emission decreases by 50%, to 100,000,000. On October 18, the last elimination of tokens was recorded. At this point, the crypto exchange has been able to eliminate a large number of digital coins worth $ 640,000,000.
The mechanism for liquidating tokens consists in the concept of eliminating digital coins in order to subsequently reduce the number of their emissions to a minimum. A similar mechanism is used in order to fight inflation and prevent increases in cryptocurrency prices. Each manipulation to eliminate Binance Coin is entered into the blockchain base and positions itself as a transaction. Therefore, any user has the ability to view whether the tokens were destroyed or not.
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