What is BlackHole Protocol (BLACK) | What is BlackHole Protocol token | What is BLACK token
In this article, we’ll discuss information about the BlackHole Protocol project and BLACK token
Blackhole protocol is an approval-free cross-chain burning platform based on Ethereum network. Any user or project governor could create a burning pool by holding BLACK and old token LP to permanently burn the old Token into a new Token, thus gaining ecological vitality.
Blackhole protocol originates from Ethereum network and gradually spread to Polkadot, BSC, Heco, SOL and eventually the whole blockchain world.Any user or project governor could create a burning pool by holding BLACK and old token LP to permanently burn the old Token into a new Token
Usually, burning methods and targets would vary from projects to projects according to the needs of ecological developments. For example, stable tokens like USDT, issued at the same time when they deposited into USD reserve. And burn an equivalent amount of tokens as a guarantee of value when the reserve is removed. Some exchange platforms spend platform tokens buying goods or online-services for burning purposes; Ripple burns a portion of its fees for each completed transaction. Such things means that the frequency and targets of burning approches vary. Some of them burn all at once, while others burn different amounts in different stages until they finally burn the established total amount described in white paper. The key element of the Blackhole protocol is that the burning mechanism aims to reduce the total supply of BLACK, changing the supply and demand of BLACK, then increase the value of BLACK within the ecology through continuous token burning.
Creating token is essentially an attempt to create new value. The developer releases new token and investors or institutions could send old tokens to the contract address, from where investors then receive new tokens. Since the new supply and demand relationship, those tokens are entitled new value, and the same value convey to the developers, which means the value actually increases twice at the same time.
By burning the old tokens sent by investors, the developers are actually transferring the value of the old tokens into new tokens, rather than trying to create new value out of nowhere. If the demand for the old tokens stays the same, then the remaining old tokens will increase in value, and the value of the new tokens is derived from the old tokens. No value is created out of nowhere.
Technical features and application scenarios of Blackhole protocol
The basic logic of the Blackhole protocol is to mint new tokens in proportion to the base tokens of the smart contract. It is innovative in the following ways.
· Product Innovation — Openness and Compatibility of Black Hole Protocol Ecology
The Blackhole protocol acts as an approval-free burning protocol. Anyone in the protocol could create a burning pool with an approval-free invocation contract that can be directly infiltrated into any Defi project which needs burning incentive. In addition, Blackhole could achieve seamless connection with any project’s user interface by the user-friendly features of open-source SDK and special smart contract.
· Product innovation — Mutiple support for burning protocol
Native support for liquidity reward burning (creator-designed burning rewards), single token burning (with a single token as the burning token).
· Product innovation — The top-notch mathematical deflation model
Black Token is a special burning economic system that follows the geometrical progressio convergence model, in which all of Black Token will undergo “deflationary cycle”. After 15 deflationary cycles, the tokens will be left less than 5%, and the value of the token will increase infinitely with the “deflationary cycle”.
· Technical innovation — NFT and cross-chain set-aside support
Blackhole protocol is designed with NFT concept and cross-chain support. With the tight timing, Blackhole protocol will start NFT rewards and cross-chain burning, making a solid foundation for penetrating a wider and larger ecosystem.
BLACK Tokenism
· Platform income (fees and governance).
Version V0.1 will be free to the projects, and then token burning fee and reward distribution will be taken in the future, which will be used to repurchase BLACK. Black stakers can also participate in governance directly through staking.
·Farming
Black Token’s life cycle will be divided into three phases. Birth — heyday — infinite deflation. In the first stage of “Birth”, Black Toekn will start staking and liquidity farming plans after the IDO.
Black plays a central role in the ecosystem, and its value mainly reflect in governance, a medium of ecosystem, and incentives of liquidity providing. As the Black deflation, the tokens would be deflation indefinitely.
Expected residual account after 15 cycles: 3518437 BLACK (≈3.518%)
Expected residual account after 20 cycles: 1152921.6 BLACK (≈1.15%)
Roadmap
Community Token Management Model
How and Where to Buy BLACK ?
BLACK has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BLACK token.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since BLACK is an altcoin we need to transfer our coins to an exchange that BLACK can be traded. Below is a list of exchanges that offers to trade BLACK in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase BLACK from the exchange.
The top exchange for trading in BLACK token is currently MXC, Gate.io
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BLACK gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
Find more information BLACK
☞ Website ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Message Board
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
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