What are the steps to burn Shiba Inu coin and reduce its supply?

3 answers

• Capps KragelundApr 08, 2024 · a year ago
  Burning Shiba Inu coin is a process that involves permanently removing coins from circulation to reduce the total supply. The steps to burn Shiba Inu coin typically include: 1. Creating a smart contract: A smart contract is created to define the rules and conditions for burning the coins. This contract ensures that the burned coins cannot be accessed or used again. 2. Sending coins to the burn address: Once the smart contract is in place, the coins are sent to a designated burn address. This address is usually a non-retrievable address that is specifically created for burning coins. 3. Verifying the burn transaction: After the coins are sent to the burn address, the burn transaction needs to be verified on the blockchain. This verification ensures that the coins are permanently removed from circulation and cannot be recovered. By following these steps, Shiba Inu coin can be burned and its supply can be reduced effectively.
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• The Guu Shop ReviewJun 19, 2022 · 3 years ago
  Burning Shiba Inu coin is a process that involves reducing the total supply of the coin by permanently removing coins from circulation. The steps to burn Shiba Inu coin are as follows: 1. Create a burn address: A burn address is a special address that is used to send coins to a non-retrievable location. This address is created specifically for burning coins. 2. Send coins to the burn address: Once the burn address is created, the coins are sent to this address. This action removes the coins from circulation and makes them inaccessible. 3. Verify the burn transaction: After the coins are sent to the burn address, the burn transaction needs to be verified on the blockchain. This verification ensures that the coins are permanently removed from circulation and cannot be recovered. By following these steps, the supply of Shiba Inu coin can be reduced through burning.
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• Harsh SoniFeb 06, 2022 · 3 years ago
  To burn Shiba Inu coin and reduce its supply, you need to follow these steps: 1. Create a burn address: This is a special address that is used to send coins to a non-retrievable location. It is important to create a burn address specifically for burning Shiba Inu coin. 2. Transfer coins to the burn address: Once the burn address is created, you can transfer the desired amount of Shiba Inu coin to this address. This action permanently removes the coins from circulation. 3. Verify the burn transaction: After the coins are sent to the burn address, the burn transaction needs to be verified on the blockchain. This verification ensures that the coins are permanently removed and cannot be recovered. By following these steps, you can effectively burn Shiba Inu coin and reduce its supply.
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