How often are MCOIN (MCOIN) coins destroyed?

MCOIN's programmed coin burn mechanism reduces its supply by removing a portion of transaction fees from circulation, increasing the cryptocurrency's scarcity and potentially driving up its value.

Jan 10, 2025 at 10:33 pm

Key Points:

• MCOIN (MCOIN) is a cryptocurrency that undergoes regular coin burns to reduce its supply and increase its scarcity.

Coin Burn Mechanism:

• MCOIN employs a coin burn mechanism that is programmed into its blockchain protocol.
• A portion of all MCOIN transactions are automatically burned, removing them from circulation.
• The CoinBurnRate parameter determines the percentage of transaction fees that are burned.

Frequency of Coin Burns:

• Coin burns occur every time a new block is added to the MCOIN blockchain.
• The frequency of coin burns is determined by the block time, which is currently around 120 seconds.
• As MCOIN is a Proof-of-Stake (PoS) cryptocurrency, block production occurs frequently, resulting in regular coin burns.

Coin Burn Rates:

• The default CoinBurnRate for MCOIN is currently set at 0.3%.
• This means that 0.3% of transaction fees are burned with each block.
• The CoinBurnRate can be adjusted through community governance, allowing for flexibility in managing MCOIN's supply.

Impact of Coin Burns:

• Coin burns reduce the overall supply of MCOIN, increasing its scarcity and potentially driving up its value.
• By reducing supply, coin burns aim to create a deflationary pressure on the MCOIN price.
• Additionally, coin burns can reduce transaction fees on the MCOIN network, as a portion of the fees are burned instead of being distributed to miners.

Steps to Check MCOIN Coin Burn Transactions:

1. Download the MCOIN blockchain explorer: Navigate to the MCOIN website and download the blockchain explorer for your operating system.
2. Open the blockchain explorer: Install and run the blockchain explorer.
3. Locate the Tx ID: To view coin burn transactions, find the transaction ID (Tx ID) of the block you want to examine.
4. Check the Burn Fee: Select the "Transactions" tab and search for the Tx ID. The details of the transaction will include the Burn Fee, which represents the amount of MCOIN that was burned.

FAQs:

Q: What is the purpose of coin burns?
A: Coin burns aim to reduce the supply of a cryptocurrency, increase its scarcity, and potentially drive up its value.

Q: How often do MCOIN coin burns occur?
A: MCOIN coin burns occur every time a new block is added to the blockchain, which is approximately every 120 seconds.

Q: Can the CoinBurnRate be changed?
A: Yes, the CoinBurnRate can be adjusted through community governance, allowing for flexibility in managing MCOIN's supply.

Q: Where can I view MCOIN coin burn transactions?
A: Coin burn transactions can be viewed using the MCOIN blockchain explorer, which is available for download on the MCOIN website.