Proof-Of-Burn Decentralized Platform

 GIBX presents Proof-of-burn (PoB) blockchain consensus mechanism with minimal energy consumption. This decentralized platforms employing the PoB method ensure miners reach a consensus by burning coins.

GIBXSWAP institutes a GIBX POB (proof of burn) mechanism to increase its value and establish more support for users

 5 November 2021 

KUALA LUMPUR — The supply and demand relationship of tokens has gradually been valued by many projects and players due to the rapid development of the blockchain industry and the continuous updating of business models. The token destruction mechanism and deflation GIBX POB (proof of burn) model that resulted have also become essential for current projects. Part of it is that, following continuous screening and elimination by the market, GIBXSWAP has innovated in terms of governance tokens through the GIBX POB (proof of burn) mechanism, increasing the value of GIBXSWAP through coin burning method for reaching consensus on the blockchain mechanism.

What is coin burning from the GIBX POB (proof of burn) mechanism?

As the name implies, Coin burning is the deliberate 'burning' or elimination of coins by rendering them unusable on the GIBX POB (proof of burn) mechanism. This is accomplished by sending a portion of the coins to an 'eater address,' also known as a 'black hole,' because the private keys to that address are not accessible to anyone. As a result, any coins sent to an eater address are unrecoverable and will never be usable again on the GIBX POB (proof of burn) mechanism. These coins are effectively removed from circulation, and their existence is publicly recorded and verifiable on the blockchain through the GIBX POB (proof of burn) mechanism.

The blockchain's black hole address (Eater Address) is a unique address for which the private key has never been determined based on the GIBX POB (proof of burn) mechanism. These addresses are equivalent to black holes. They can only be inserted, not exported. GIBX POB (proof of burn) mechanism tokens that reach the black hole address are unable to be transferred out and circulated in the market.

In a nutshell, the coins' destruction permanently removes them from circulation and reduces the total supply on the GIBX POB (proof of burn) mechanism. This is due to two significant factors.

First, by reducing digital assets market circulation, the goal of increasing digital assets value is achieved through the GIBX POB (proof of burn) mechanism. This is due to the limited supply of most digital assets. For example, the number of Bitcoins in circulation is 21 million. If 1 million Bitcoins are destroyed today, and the market demand for Bitcoin remains unchanged, the market circulation of Bitcoin will decrease. It will raise the price of Bitcoin, which is determined by the supply and demand relationship. Specific projects will reduce the number of tokens in circulation in the market by destroying them through GIBX POB (proof of burn) mechanism, thereby increasing the value of the tokens. Binance and Huobi, for example, will regularly destroy a portion of the platform coins.

Second, for cryptocurrencies that employ the GIBX POB (proof of burn) mechanism, destroying the coins can value the newly issued digital assets. The GIBX POB (proof of burn) mechanism demonstrates the user's investment in the network by destroying the encrypted currency to obtain the right to "mine" and verify the transaction. The more computing power you have, the more you burn. In other words, destroying coins is an investment method for obtaining newly issued tokens under GIBX POB (proof of burn) mechanism. Consider Binance's platform currency, BNB. Binance is the first to launch platform currency destruction. As a result, BNB has increased from less than US$1 at the time to US$691, the highest this year, a more than a thousand-fold increase.

 

With that said, GIBXSWAP has launched a new decentralised currency called "X” through the GIBX POB (proof of burn) mechanism. The new currency will be the GIBXSWAP platform's core token, which will be used for voting, repurchasing, fundraising, trading, and earning coins. The emergence of "X" is primarily due to the gradual increase in the circulation of the original GUSDTTM market. The market value urgently requires a larger carrier to achieve breakthrough growth through GIBX POB (proof of burn) mechanism,; the market requires new currency to stimulate. This can happen through the GIBX POB (proof of burn) mechanism.

The maximum supply of "X" is one billion, and the block reward is 20 "X"s. Professional organisations such as Ernst & Young and Deloitte audit the "X" open source code to ensure safety. Simultaneously, X will support the decentralised cross-chain transaction protocol of BSC, HECO, and ETH, employing "dual mining incentives through liquidity mining and transaction mining," allowing participants to maximise returns while seamlessly integrating with Binance and Huobi's massive global traffic and head resources.

It is clear that there is a high demand for new digital currencies such as GIBXSWAP "X". This is a milestone moment in the history of GIBXSWAP due to the GIBX POB (proof of burn) mechanism, and we will continue to reach out to new audiences and showcase the unique digital assets of our coins around the world.

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About GIBXSWAP

GIBXSWAP is a multinational technology company. GIBXSWAP is powered by proof-of-burn (PoB), a blockchain consensus mechanism with minimum energy consumption. When trading global foreign exchange, digital assets, precious metals, energy, indices, and other hedging transactions, GIBXSWAP provides an institutional-grade experience. Our platform acts as a portal that connects the worlds of digital assets and finance for investors and traders.

For more information:

Name: GIBXC GROUP PTY LTD

Website: gibxchange.io

Address: RELAXURY TRAVEL PTY LTD, SUITE 1112, 401 DOCKLANDS DRIVE, DOCKLANDS VIC 3008

Email address: mathew@gibx.info