BOOM is a new token built on Ethereum smart contracts and comes with its own destruction mechanism.
BOOM's project is a social experiment aimed at exploring the impact of extreme austerity currencies in the market and verifying its effectiveness in hedging the rapid inflation of the Token world. The original mechanism of BOOM is simple and clear: when each BOOM transfer occurs, 1% of the transfer BOOM will be automatically destroyed.

Project Highlights

Thanks to the powerful features of smart contracts, Boom can exist independently and permanently until it is burned down. Overall, the beauty of smart contracts is their ability to run on global blockchain computers without human intervention.
As you dig deeper into the history of Bitcoin and streamlining coin supply halving, you will find that breaking liquidity can lead to higher value. Now, Boom offers a whole new supply curve, which is even more radical. We can't wait to see what's next.

Technical Model

The basis for Boom's ability to jointly mine BHD and Burst lies in its technical basis for its PoC (Proof of Capacity) capacity proof. The above three share a set of Plot and reading system. For detailed technical details, please refer to the article "Proof of Energy Saving" Capacity" released by Interstellar Wave. This article mainly briefly describes the practical application and existing problems of this technology. The purpose of PoC is to convert Bitcoin’s requirements for computing power into requirements for storage space based on the proof of work, thereby reducing power consumption and waste. Currently, the more well-known currencies are Burst and BHD. In addition, many emerging mining coins use this proof, and have derived a series of industrial chains such as hard disk mining machines, buyers, hosting providers, service providers, and trade unions, making the entire PoC ecosystem quite fault tolerance (more than PoS, economic interests are more scattered, which is conducive to eliminating monopoly and preventing the death spiral of currency prices). However, the PoC consensus is not perfect, and it still has considerable problems: essentially, PoC only converts wasted substances from electricity to space, and does not fully utilize the space of Plot to store valuable data. Currently, some projects propose to use Filecoin's space-time proof PoSt (Proof of Space-time) to mine using the demand for storing data. Related projects include Filecoin, Lambda, Volume, etc. On the other hand, compared with mainstream power mining projects and pledge mining projects, PoC consensus still has a considerable gap in attention and progress speed, and PoC still has great development potential and difficulty. Boom is difficult to avoid the above technical problems.

Economic Model

Recently, a new model has begun to spread in the blockchain circle, which is ultimate deflation. All cryptocurrencies are born for reasons. A large part of the reason for the birth of Bitcoin is that the 2008 financial crisis caused geeks (including Satoshi Nakamoto) to distrust the Federal Reserve and the big consortium.
The birth of the extreme deflation currency is due to the unprecedented impact on the market by the expectation of halving the production of Bitcoin and Litecoin in 2019, as well as the repurchase and destruction of major platform coins. The issue of "reducing circulation and increasing value" has been mentioned too many times this year. As a result, a batch of cryptocurrencies that rely on smart contracts and money transfers were born. For example, Bomb Coins, and FUZE forwarded by McAfee. However, the most eye-catching thing recently is the new internet celebrity BOOM.
Ethereum smart contract controls, which automatically destroys 1% of the transfers per transfer, which is the core of BOOM, and is more extreme than Bitcoin and Litecoin’s deflation.
In addition, the BOOM project also creatively achieved "no rounding of destruction" for the first time.
"Full" is the weakness of some other deflationary coins. For example, bomb coins. No matter how low the transfer amount is, at least one bomb coins must be destroyed every time the transfer is transferred. If one is transferred, nothing will be gone. This leads to small amounts not daring to transfer money at all, which is unfair to small sans. The mechanism of BOOM is to transfer 10 BOOMs, automatically destroy 0.1 BOOMs without rounding them, and increase the friendship to small scattered people too much. Regardless of how much or how much they hold, the destruction will be carried out in proportion. Of course, this mechanism means that Xiaosan can also wait for others to destroy it, and his share will naturally increase.
On the official website of BOOM, the total amount of remaining BOOM is updated in real time. The total amount was 1 billion at the beginning, and now it has been destroyed by more than 2%.
On-chain transfers will be destroyed, so where will on-chain transfers be needed? The mutual transfer between trading platforms and wallets, the mutual transfer between wallets, bricks between trading platforms, and transactions on decentralized trading platforms are all on-chain transfers and are destroyed. At the same time, the amount of destruction also reflects the activity on the chain. In principle, the more users, the more active they are, the greater the amount of destruction. The increase in the amount of destruction also means that users may increase or large players enter/depart.

Related links:
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