Dear LBank users,
As the LBK burning mechanism has been discussed by the community since the launch of LBK, LBank explains the existing burning mechanism of LBK to make users better understand it.
Token burning refers to putting the tokens that need to be burned into the black hole address, and the tokens entering the black hole address cannot continue to be transferred out and circulated in the market. The commonly used black hole address of Ethereum-based tokens is 0x000000000000000000000000000000000000000, which is an all-zero address. However, in terms of the destruction method of LBK, LBank adopts a contract destruction address that is different from the all-zero address. The difference between the smart contract burning address used by LBK and the all-zero address are as follows:
1. From a security point of view, an all-zero address can be used as both an incoming address and an outgoing address. The smart contract destruction address used by LBK can only be used as a transfer-in address and cannot be transferred out, thus eliminating the theoretical possibility of transferring funds from it.
2. From a supervisory perspective, all-zero addresses also contain transactions of a large number of other tokens. The LBK smart contract destruction address only contains the LBK destruction history, which is more convenient to count the total amount of LBK destruction. Users can intuitively query the historical destruction results and amount of LBK.
Details: LBK Burning Address Contract Mechanism
LBK Burning Address
Click on the LBK Burning Address to view the past LBK Burning history.
All-zero Addresses
Click here to download for iOS or Android
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