On Binance Smart Chain, Satozhi just launched the world’s first proof-of-burn token concept. Binance is a well-known cryptocurrency exchange that started in China before migrating to Malta, a crypto-friendly island in the European Union. Binance is renowned for its cryptocurrency-to-cryptocurrency trading platforms. Binance rose to become the world’s most popular cryptocurrency exchange after bursting onto the scene during the 2017 crypto-mania. Many of us are aware of the Proof-of-Work (PoW) protocol thanks to Bitcoin (BTC), but Satozhi (SATOZ) has developed a better protocol called Proof-of-Burn (PoB).
SATOZ has the maximum supply of 21 million SATOZ with a prevailing circulating supply of 10 million, implying that about half of SATOZ circulation has been burned. SATOZ uses the proof-of-burn protocol to generate 50 SATOZ as a reward every 10 minutes, which is distributed equitably and automatically by the blockchain without the need for human intervention. The accord proof-of-burn (PoB), which is mainly based on users consuming their tokens to obtain mining rights, is a popular technique that originated from token burning.
About Satozhi (SATOZ)
Satozhi (SATOZ) is a cryptocurrency that runs entirely on the Binance Smart Chain (BSC) network, following the most modern intelligent contract protocol requirements. SATOZ, named after Satoshi Nakamoto, the founder of the Bitcoin proposal team, was founded in March 2021. It was created using a comparable technical protocol to Bitcoin (BTC). SATOZ is a coin that implements the world’s first entirely proof-of-burn protocol and is currently available on the Binance Smart Chain.
Proof-of-Burn (PoB) Protocol & Advantages
Satozhi (SATOZ) is the world’s first token to implement this new protocol. The token supply is burned in the blockchain, and a new token is created in the pool every 10 minutes, according to this protocol. Burning tokens can serve to stabilize the coin’s value and prevent price inflation in several circumstances.
The Proof-of-Burn (PoB) protocol is an advancement over the Proof-of-Work (PoW) system, which has been around for 12 years. Coin mining is still done with CPUs, GPUs, and highly costly ASICs with very high electricity costs and hefty maintenance costs, making it less viable for some miners, resulting in higher blockchain transaction fees and confirmation times. You can receive block rewards directly on your blockchain wallet using Proof-of-Burn (PoW).
SATOZ was rebuilt to address resource issues that had previously proved difficult to fix. Currently, more than half of the supplies have been consumed. The price of SATOZ will continue to rise as more coins are destroyed, and it will be tough to dump the price of SATOZ. The fact that SATOZ price has increased by more than 10,000 percent in the last two months suggests this. This is because the major developers and the community continue to build a number of excellent DeFi commodities, specifically here is the Virtual Minting Tool.
VMT is a one-of-a-kind project that can only be found in Satozhi. In the field of cryptocurrencies and assets, VMT is a minting pioneer. VMT is software that enables you to build virtual mining tools that can be traded and accelerated by increasing the number of burns on the tool. The Virtual Minting Tool (or Virtual Minting Token) is a new technology that allows VMT developers to market their work as a lifetime mining reward as well as a digital item or distinctive value. It can be automatically traded on the VMT decentralized marketplace (VDEX) via the VMT smart contract. This is a one-of-a-kind project that can only be found on Satozhi.
Currently, Satozhi’s leading developer has released SATOZ Mobile, a blockchain wallet that can be downloaded from the Play Store (Android) and will be available on the App Store soon (iOS). It supports all forms of BSC, VMT, and NFT tokens and includes a built-in DApp browser.
Difference between VMT and NFT
The Non-Fungible Token (NFT) is a digitally competent contract standard for storing unique digital ownership assets. NFTs are created by uploading files, such as digital artwork, and traded on the auction market or the NFT marketplace. They cannot be exchanged for other tokens. This will make a copy of the file, which will be stored as an NFT on a blockchain or digital ledger. The NFT can then be purchased with a variety of cryptocurrencies and then sold on the open market. Regardless, the ownership chain will be tracked in the NFT smart contract itself.
On the other hand, Virtual Minting Tool (VMT) is a digital intelligent contract innovation in which the identity of assets, tokens, and ownership are all unique and governed by the blockchain. Each Minter or VMT token has its own asset value, income value, and asset kind, which we call Minter or VMT tokens. VMT assets can be mined at any moment as a personal asset, in addition to being traded on a decentralized market like an NFT. You can maintain the VMT as a collection if you don’t want to sell it, and you’ll always get the rewards of your VMT minting assets as long as you keep the ownership. VMT provides you with the value of ownership of a digital asset and the worth of the asset itself over time.
What’s next for SATOZ?
SATOZ allows you to store, trade, multiply, give a gift, and receive block awards without spending money, effort, or time on the decentralized application (DAPP) constantly. It can be kept in any location and will continue to function using the Proof-of-Burn (PoB) protocol. SATOZ will be listed on more exchanges in the future and launch NFT and DeFi projects that can be connected with other BEP-20 tokens, implying that all existing Binance Smart Chain developers will support the Satozhi ecosystem.
Essentially, SATOZ provides all of the characteristics that consumers are looking for: an easy-to-use website with excellent security and infrastructure that can be utilized on any blockchain, allowing users to invest with flexibility and independence.