GamerHash, a global gaming and play-to-earn firm, brings the ecosystem to a new level. The organization chose to take a step toward the project’s trust and dependability.
That is why the token burn procedure is being introduced to GamerHash.
Token burning is a standard practice of any trustworthy and promising cryptocurrency project. As a result, on December 29, 2021, GamerHash intends to limit the quantity of GamerCoin and reach a significant milestone.
The startup will burn 12 000 000 GHX in the first round and plans to burn more in the future. The project published information about the upcoming rounds as well as the amount of projected burning supply:
10 million GHX on January 10, 2022
08.02.2022 – 10,000,000 GHX
10.03.2022 – 10,000,000 GHX
11/04/2022 – 10 million GHX
09.05.2022 – 10,000,000 GHX
06/06/2022 – 10 million GHX
All burns combined will cut the overall GamerCoin supply by 8.1% – 72 000 000 GHX, bringing the total supply down from 880,000,000 to 808,000,000. This is fantastic news for investors and project lovers.
What is the significance of the token burn for the ecosystem?
Burning has a significant impact on many aspects of the project. The most rewarding reason is probably the token’s price movement, which many traders anticipate. However, this is not the most essential consequence of burning.
“When it comes to tokens burning, the most desired result is trust and faith in the project.” Investors can rest certain that their funds will not be harmed by excessive circulation. Furthermore, the entire process draws new investors and encourages current investors to stay with the project. The burning of tokens is a clear indication that GamerHash has long-term aspirations. We’ve demonstrated our dedication by completing several phases on the Roadmap, and token burn will be the frosting on the cake!, says Artur Pszczókowski, CMO of GamerHash.
How will GamerHash burn the tokens?
There are two methods for carrying out the burning process. GamerHash will burn their tokens using an eater address, which means the coins will be routed to the dubbed “black hole.”
It sounds terrible, but what does it mean? A black hole is an address where you can send your deposit but no one will ever be able to withdraw or move it.
In this instance, burning tokens is the same as enslaving them to the blockchain. It does not mean they have been dissolved, but they have been removed from the total supply.
The entire procedure is transparent, and any member of the community can view the specifics here. They are stored on the blockchain’s public ledger.
This method of burning is easy, efficient, and obvious to anyone who wants to see if the burning was successful.
GamerHash Facts and Figures
GamerHash is a leading global gaming project with over 650.000 users and a native token called GamerCoin (GHX).
Users swap idle computing power for crypto by completing play and earn tasks. It can be withdrawn or redeemed in the GamerHash Store for over 600 digital products.
The GamerCoin $GHX token is available on major cryptocurrency exchanges like Bithumb, KuCoin, and Bitcoin.com.
It is also the first (EU) licensed gaming token. The project intends to create its NFT marketplace focused on gaming and esports by 2022, with a goal of reaching 1.5 million users.