A tokenTokens are created and distributed on a blockchain and can represent a variety of assets or utilities, including commodities, loyalty... Read More burn is a process used to destroy tokens to reduce the total supplyTotal supply refers to the total number of coins or tokens that exist, including circulating supply and those that have... Read More. The purpose of a token burn may be to create artificial scarcity or to remove unsold tokens following an initial coin offering (ICO)Initial coin offerings (ICO) are a cryptocurrency-based funding mechanism employed by teams or companies to finance new or existing projects... Read More. A token burn will decrease the total available supply and can increase the value of the remaining tokens because there are now fewer (scarcity). Burning tokens usually involves either sending them to a walletWallets are a digital storage facility for digital currency. A wallets can exist as a software program on a computer... Read More with no access, ensuring the tokens are forever inaccessible, or to a smart contract addressA smart contract address is the public address of a blockchain-based smart contract. By being stored on the blockchain, a... Read More where the smart contractSmart contracts are computer programs that facilitate self-execution and self-enforcement of digital contracts and agreements without third-party intermediaries (such as... Read More will delete the tokens.
