What is burning?

Burning G$ refers to the process of permanently removing G$ tokens from circulation. This process is often used by cryptocurrency projects to reduce the total supply of tokens and, theoretically, increase their value.

Here are the steps to burn G$:

  1. Determine the amount of G$ you want to burn: The first step is to decide how many G$ tokens you want to burn.
  2. Send the G$ to a burn address: Once you have determined the amount of G$ tokens to burn, you need to send them to a burn address.

A burn address is a special type of address that receives tokens but doesn't allow them to be spent or moved. In other words, once the G$ tokens are sent to a burn address, they are effectively removed from circulation.

GoodDollar's burn address is 0x0000000000000000000000000000000000000000 on Ethereum Mainnet. Double-check that you're in the right network before sending your tokens.

  1. Verify the burn: To ensure that the G$ tokens have been successfully burned, you can check the blockchain explorer for the transaction details. The blockchain explorer will show that the tokens have been sent to the burn address and cannot be moved or spent.

By following these steps, you can burn G$ tokens and reduce their total supply. This can help increase the value of the remaining tokens by making them scarcer and more valuable.