BOOM is a novel Token built on Ethereum smart contracts, featuring an inherent destruction mechanism.
The inception of BOOM is a social experiment aimed at exploring the impact of extremely deflationary currencies in the market and validating their effectiveness in hedging against the rapid inflation of the Token world. The original mechanism of BOOM is straightforward: 1% of the BOOM transferred in every on-chain transaction will be automatically destroyed.

Project Highlights

Thanks to the powerful capabilities of smart contracts, Boom can autonomously exist and persist indefinitely until it is entirely burned. Overall, the beauty of smart contracts lies in their ability to run on a global blockchain computer without human intervention.
When delving into the history of supply halvings for Bitcoin and Litecoin, youll find that destroying liquidity may lead to higher value. Now, Boom offers a brand new supply curve, one thats even more radical. We cant wait to see whats next.

Technical Model

The foundation for Boom to mine alongside BHD and Burst lies in its Proof of Capacity (PoC) technology, which they all share in terms of Plotting and reading systems. Detailed technical specifics can be found in the article "Energy-saving" Proof of Capacity published by StarryWave. This section mainly outlines the practical applications and existing issues of this technology. The purpose of PoC is to build upon the principles of proof of work, transforming Bitcoins demand for computational power into a requirement for storage space, thereby reducing electricity consumption and waste. Among the coins currently using PoC, the most well-known ones are Burst and BHD, besides numerous emerging mining coins adopting this proof, leading to the emergence of hard drive miners, suppliers, hosting providers, service providers, and unions, giving the entire PoC ecosystem considerable fault tolerance (compared to PoS, economic benefits are more dispersed, helping to prevent monopolies and guard against death spirals in token prices). However, the PoC consensus is not perfect; it still has significant problems: Essentially, PoC merely transforms the wasted substance from electricity to space without fully utilizing the Plots space to store valuable data. Currently, some projects propose using Filecoins Proof of Space-time (PoSt), leveraging the demand for storing data for mining. Related projects include Filecoin, Lambda, and Volume. On the other hand, compared to mainstream power-mining projects and staking-mining projects, PoC consensus still lags in attention and progress, indicating great potential and difficulty for PoC. These technical challenges are hard for Boom to avoid.

Economic Model

Recently, a new model has been spreading in the blockchain circle: extreme deflation. Every cryptocurrency comes into existence for a reason. A significant part of Bitcoins birth was due to the distrust of the Federal Reserve and large financial conglomerates by geeks (including Satoshi Nakamoto) following the 2008 financial crisis.
The birth of extreme deflationary coins is due to the anticipated halving of Bitcoin and Litecoin production in 2019 and the unprecedented impact of major exchange tokens buyback and destruction on the market. The topic of "reducing circulation to increase value" has been mentioned too many times this year. As a result, a batch of cryptocurrencies relying on smart contracts and instant destruction upon transfer have emerged. For example, Bomb Token and FUZE, retweeted by McAfee. However, the most eye-catching recently has been BOOM, the new internet sensation.
Ethereum smart contracts control the process, automatically destroying 1% of the transferred amount with each transfer. This is the core of BOOM, more extreme than the deflation of Bitcoin and Litecoin.
Additionally, the BOOM project innovatively implements "non-rounded destruction amounts" for the first time.
"Rounding" is a weakness of some other deflationary coins, such as Bomb Token. Regardless of how low the transfer amount is, at least one Bomb Token must be destroyed in each transfer, leaving nothing if you transfer just one. This makes small transactions unfeasible, unfair to small holders. BOOMs mechanism ensures that when transferring 10 BOOMs, 0.1 BOOM is automatically destroyed, without rounding, greatly increasing friendliness towards small holders. No matter how much or little one holds, destruction follows a proportional path. Of course, this mechanism means that small holders can also sit back and wait for others to destroy their tokens, naturally increasing their own share.
On the BOOM official website, the total remaining BOOM quantity is updated in real-time. Initially, the total was 1 billion, and currently, over 2% has already been destroyed.
On-chain transfers lead to destruction, so where would on-chain transfers be needed? Transfers between trading platforms and wallets, transfers between wallets, arbitrage between trading platforms, and trades on decentralized trading platforms are all on-chain transfers, all resulting in destruction. Simultaneously, the amount of destruction reflects the activity on the chain. In principle, the more users and the more active they are, the greater the destruction. An increase in destruction also indicates a surge in users or major players entering or exiting the market.

Related Links:
https://www.528btc.com/college/53895.html

*This content has been compiled by the official Non-Small Number team. If you wish to reprint, please indicate the source.