Boom price is $0.00338929
As of the latest data, the price of Boom (BOOM) is $ 0.00338929. The cryptocurrency has increased in value over the last 24 hours.
Boom Token is a cryptocurrency that positions itself as a social experiment within the blockchain space. The defining characteristic of Boom is its deflationary nature, which is fully managed by a smart contract. Unlike traditional currencies that can be inflated, Boom employs a deflation mechanism whereby each on-chain transaction leads to the burning of a portion of the amount transacted, diminishing the total supply over time.
For every on-chain transaction made with Boom Token, 1% of the transaction amount is irrevocably burned. This means that the total supply of Boom reduces with each transaction, making it a deflationary currency. This mechanism is hard-coded into the smart contract that governs the token, ensuring that the deflationary process is automated and transparent to all participants in the network.
Initially, there was a total supply of 1,000,000,000 Boom tokens at the project's inception. Due to the deflationary mechanism, this number is constantly decreasing with each transaction. As per the latest information, the current circulating supply is 638.7M, which gives you an idea of how many tokens have been burned to date.
According to the founding principles of Boom Token, there will never be any new Boom minted. This was established to fortify its deflationary attribute and to differentiate it from other cryptocurrencies that have inflationary policies or no hard cap on their total supply.
Boom Token's unique selling point is its aggressive deflationary model. Most cryptocurrencies have a fixed supply or inflationary model where new coins can be created through processes like mining or staking. Boom, however, diminishes its own supply with every single transaction, which theoretically could lead to an increase in value per token as the supply decreases, assuming demand remains constant or increases.
Boom Token was created as a social experiment by an anonymous or undisclosed group of developers. The focus of the team is on the functionality and execution of the deflationary mechanism, rather than on the personalities behind the project.
Boom Token (BOOM) is available for purchase on various cryptocurrency exchanges. The current list of exchanges where BOOM can be traded includes AEX, BitMart. Always ensure you’re using a reputable platform when acquiring cryptocurrencies to reduce risks.
When considering the purchase of Boom tokens, or any cryptocurrency, it's essential to understand the project's fundamentals and the specific risks associated with its deflationary nature. The impact of the deflationary mechanism on price, its adoption, and the overall market conditions are all factors that should be carefully evaluated. Remember to do thorough research and never invest more than you are willing to lose.
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