Binance announces the introduction of a transaction fee burning mechanism on its BSC blockchain network.

Binance announces the introduction of a transaction fee burning mechanism on its BSC blockchain network.

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Answer Binance announces the introduction of a transaction fee burning mechanism on its BSC blockchain network.

An update proposal called “BEP-95” has been introduced on the public “Binance Chain Github” platform, which will implement a real-time fee-burning mechanism just like the one that is now being used in Ethereum.

The main objective of the new mechanism within the Binance network is to make BNB more valuable by accelerating the burning process and causing BNB supply shortage.

According to Binance, there are two main objectives of the mechanism:

  • Accelerate the BNB burning process.
  • Achieving more decentralization of BSC.

The new update will also include mechanisms, most notably:

Burn the fixed fee that is currently distributed to the auditors and the percentage of manageable copies.

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With the introduction of the Binance BSC blockchain burning mechanism, the BNB burning process will increase significantly, which will positively affect the intrinsic value of the coin.

Previously, due to the effect of deflation, the price of Ethereum increased significantly in addition to the overall positive market structure.

The BNB holders will be the ones who decide to redistribute the gas rewards to the network.

Shareholders expect bonuses for BNB auditors and commissioners to decline.

But since the circulating supply could drop dramatically, BNB holders are expecting their digital currency to see an appreciation against the dollar after the update.

Since there are no mining rewards within the BSC network like those in the Bitcoin and Ethereum networks, the gas fee will be reallocated among the validators.

On the Binance BSC network, gas fees are collected from each validated block on the network and then distributed to two smart contracts.

If the network agrees to perform the update, the governed “burnRatio” parameter will be presented to the network.

At the end of each block, the validator will be able to call the deposit function, which will then start the burning mechanism.

Read:Ripple holders demand the company to stop tossing XRP coins

The cryptocurrency will be burned by transferring the fee to the specified copy address.

In the sense that all of the above is a proposal awaiting approval and implementation.

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