BOOM is a new type of Token built on the Ethereum smart contract and has its own destruction mechanism.
The establishment of BOOM is a social experiment aimed at exploring the impact of extreme deflationary currencies in the market and verifying its effectiveness in hedging against rapid inflation in the Token world. The original mechanism of BOOM is simple and clear: when each BOOM transfer occurs on the chain, 1% of the transferred BOOM amount will be automatically destroyed.

Project Highlights

Thanks to the power of smart contracts, Boom can exist autonomously and exist forever until it is all burned. Overall, the beauty of smart contracts is their ability to run on computers across the global blockchain without human intervention.
When you dig into the history of bitcoin and litecoin halvings, you'll see that disrupting liquidity can lead to higher value. Now, Boom offers a whole new supply curve, which is even more aggressive. We can't wait to see what's next.

Technical model

The basis for Boom to mine together with BHD and Burst lies in its PoC (Proof of Capacity) technical foundation. The above three share a set of Plot and reading system. For detailed technical details, please refer to Interstellar In the article "Capacity Proof of "Energy Saving"" published by Langtao, this article mainly briefly describes the practical application and existing problems of this technology. The purpose of PoC is to convert Bitcoin's computing power requirements into storage space requirements based on the workload proof, so as to reduce power consumption and waste. At present, the currencies that use PoC are more well-known, such as Burst and BHD. In addition, there are many emerging mining coins that use this proof, and have derived hard disk mining machines, purchasers, custodians, service providers, trade unions, etc. A series of industrial chains make the entire PoC ecology quite fault-tolerant (compared with PoS, the economic interests are more dispersed, which is conducive to eliminating monopoly and preventing the death spiral of currency prices). However, the PoC consensus is not perfect, and there are still considerable problems: in essence, PoC just converts wasted materials from electricity into space, and it does not make full use of the Plot space to store valuable data. Currently, some projects propose Using Filecoin's PoSt (Proof of Space-time) to utilize the demand for data storage for mining. Related projects include Filecoin, Lambda, Volume, etc. On the other hand, compared with mainstream power mining projects and pledge mining projects, the PoC consensus still has a considerable gap in attention and progress. PoC still has great development potential and difficulty. The technical problems mentioned above are hard to avoid for Boom.

Economic model

Recently, a new model began to spread in the blockchain circle, which is extreme deflation. All cryptocurrencies are born for a reason. A large part of the reason for the birth of Bitcoin is that the 2008 financial crisis caused geeks (including Satoshi Nakamoto) to distrust the Federal Reserve and large financial groups.
The birth of the extreme deflation coin is due to the expected halving of the output of Bitcoin and Litecoin in 2019, as well as the unprecedented impact of the repurchase and destruction of major platform coins on the market. The topic of "reducing circulation and increasing value" has been mentioned too many times this year. As a result, a batch of cryptocurrencies that rely on smart contracts and transfer and destroy were born. For example, bomb coins, and FUZE forwarded by McAfee. However, the most eye-catching one recently is BOOM, a new internet celebrity.
Controlled by the Ethereum smart contract, 1% of the transfer amount is automatically destroyed for each transfer. This is the core of BOOM, which is more extreme than the deflation of Bitcoin and Litecoin.
In addition, for the first time, the BOOM project has creatively realized "the burning amount is not rounded up".
"Rounding" is the weakness of some other deflationary coins, such as Bombcoin, no matter how low the transfer volume is, at least one Bombcoin must be destroyed for each transfer. Don't dare to transfer money at all, it's unfair to Xiaosan. The mechanism of BOOM is that 10 BOOMs are transferred, and 0.1 BOOMs are automatically destroyed without rounding up. The friendliness of Xiaosan has increased too much. No matter how much you hold or how little you hold, the destruction will be done in proportion. Of course, this mechanism means that Xiaosan can also wait for others to destroy, and his own share will naturally increase.
BOOM's official website updates the total amount of remaining BOOM in real time. At the beginning, the total amount was 1 billion, and now it seems that more than 2% have been destroyed.
The transfer on the chain will be destroyed, so where will the transfer on the chain be needed? The mutual transfer between trading platforms and wallets, the mutual transfer between wallets and wallets, the transfer of bricks between trading platforms, and the transactions of decentralized trading platforms are all All transfers on the chain are destroyed. At the same time, the amount burned also reflects the activity on the chain. In principle, the more users are active, the greater the amount burned. The increase in the amount of burning also means a surge in users or the entry/exit of large players.

Related link:
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