'Burning' simply means taking a token out of general circulation; this helps improve the economy of a token by reducing supply.
This is especially important on the Steem blockchain; NaturalMedicine.io is built on this blockchain, and so the economics involved follows this model. In order for content creators and curators to continue to receive rewards, there needs to be a continual level of inflation, or tokens continually created.
This from the Steemit FAQ:
Blockchains like Steem and Bitcoin produce new tokens each time a block is produced. Unlike Bitcoin, where all of the new coins go to the block producers (called miners), the Steem blockchain allocates a majority of the new tokens to a reward fund called the "rewards pool". The rewards pool gives users tokens for participating in the platform based on the value they add.
By removing more LOTUS tokens from the overall supply, we help the economy, and ultimately the price of LOTUS. When NaturalMedicine.io was first established, an initial amount of 140 million was set up. Through the process of burning, this amount has been reduced to a little over 66 million (you can check the current supply details in the widget on the RHS column of your NM.io feed.
So how do I burn LOTUS?
Anyone can burn any amount of LOTUS at any time, and the process is easy: simply send the amount you wish to 'burn' to the @null account. That's it!
When you promote a post, the 'cost' of promoting is essentially a 'burn', that way there is no profiting from the act, and it benefits the entire community over time.
You'll notice that the main admin accounts regularly burn LOTUS, and post a report monthly.
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