BurningMoon is a hyper-deflationary reward-based token that provides its users with a variety of use cases. The platform holds a unique type of tokenomics which is aimed at the creation and sustainability of its entire ecosystem as a whole. As such, this differentiates it from most of the regular tokens entering the crypto space. At its core, the mission of the Burning moon system is to decrease the total supply of the token as quickly as possible, for the fastest rising price floor of any token to increase the token’s scarcity and ultimately its value to the current holders of the token.
According to the Burningmoon team, the network has some specific qualities that promote its deflationary nature. Some of these qualities include the system’s allowance of anyone to sacrifice their Burning moon tokens to earn double the regular reward amount, while also acquiring lottery tickets, all of which burn tokens directly and a plethora of other functions. The system also has buyback and token burn functions which are executed every week within its ecosystem. All of these specialized functions possessed by the Burningmoon platform were specifically added to its smart contract system. As such, in the short time of its operation, it has burned around 55% of its total supply.
Who are the Founders of BurningMoon (BM)?
The BurningMoon token was created on September 21, 2021, and just like the first cryptocurrency in existence, Bitcoin, the developers of the binary platform are also unknown. However, some of its development team members have been featured in interviews, but there has been no mention of the companies’ founding parties other than its management team. According to Rainhard, the project’s lead developer, the team is comprised of various well-experienced individuals with talents both within and outside of the blockchain technology space.
What is BurningMoon (BM) used for?
The BurningMoon token offers its users with a number of use cases. Some of these features preclude claiming rewards in the form of BNV or any of the other token types accessible in the Binance Smart Chain ecosystem. They can also be accessed using Dapps and are available directly on the BurningMoon website.
According to the team, The BurningMoon token is the culmination of several months of development and discoveries in the Defi sector. As the dedicated token of the BurningMoon network, BM is used in the execution of transactions within the network. Outside the network, the token also holds value and can be exchanged with other crypto pairs to earn profit for the holders.
What Is the Unique Point of BurningMoon (BM)?
The BurningMoon platform has several qualities that differentiate it from most of the other cryptocurrency systems. One of these major defining qualities is its attempt to prevent whales in the blockchain sector from controlling the entire network. The BurningMoon platform has several segments of its ecosystem that single it out in the ranks of other cryptocurrency tokens and some of these include.
● BurningMoon Lottery: The platform has an inbuilt lottery feature which can be accessed through the BurningMoon decentralized app. This serves as more incentive for the token burning process and allows users to earn lottery tickets in place for burning. Ordinarily, each of the tickets costs 100 tokens and when a person wins the lottery, the prize is usually over $2000.
● NFTs: Although the system doesn’t currently have an NFT platform, it is actively working on creating a series of NFTs and trading systems that would burn out most of the platform’s fees. According to its roadmap, the NFT segment is slated for the third phase of its development process.
● Taxes: A fraction of each sale and purchase transaction is taxed on the network at different rates. The system’s Whitepaper lists its base taxes at 10% for purchases and 20% for sales. These taxes are necessary for the BurningMoon ecosystem to function effectively, as they perform several responsibilities such as funding the staking rewards, the liquidity pool, and marketing/advertising to broaden the token’s reach. A variable portion of all taxes is also burnt.
How many BurningMoon (BM) coins are in circulation?
In total, there were approximately 1,000,000,000 BM tokens created according to its tokenomics, which also stated that rewards on the platform are mostly generated through taxed transactions. The rewards in question here have no specified minimum amount and can be automatically staked as well as claimed at any time. The rewards issued on the network can be claimed in the form of BNB, as well as any of the other tokens supported by the Binance smart chain.
Holders of the network’s promotional token also enjoy some unique benefits which include a 3^ reduction in their sale and purchase taxes. The rewards on the system are induced via a variable tax configuration which was designed to accommodate different market conditions. The taxes levied on the platform are also incapable of exceeding 25%, with the limit being already encoded to the platform’s smart contract system.
Is the BurningMoon (BM) Network secured?
BurningMoon is a BEP-20 token operating on the Binance Smart Chain. The system is uniquely publicized as a “hyper-deflationary” currency and prides itself in its incentivizing the burning of tokens; hence its name. The system can achieve this by rewarding the users with double the burnt token amount.
Unlike most of the Binance Smart Chain tokens, the BurningMoon token is protected by a dedicated proof of stake consensus algorithm. As such, it is kept secure by the participants who have their stakes in the system and essentially prevent any form of malicious activities within its ecosystem
How do I buy BurningMoon (BM)?
One of the most important features of the BurningMoon token is its burning mechanism, which reduces the total number of tokens in circulation and, as a result, makes it more valuable to holders. Besides that, the system also has a rewarding process that pays the users to burn their tokens and allows cashing in on their reward in cryptocurrencies such as the BEP-20 version of Tether and Ethereum. Because of this, more individuals are trying to get into the BurningMoon ecosystem and these tokens can be purchased by the steps below.
● Interested parties are required to create an account with the crypto trading platform. ,
● Then, they are required to transfer a specific amount of fiat money to the crypto account
● After they will have to wait till the transaction has been approved, they can now buy their BM tokens.
Which Cryptocurrency Wallet Supports BurningMoon (BM)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as BurningMoon (BM). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their BurningMoon wallet because it offers a simple and interactive interface making it easy for people to navigate its system.