FAQ Burning Service
Burning coins generally means that coins are irretrievably removed from circulation. These burned or destroyed coins cannot be recovered and reduce the total number of coins available.
Most send the coins to a burning address. This is a wallet address where there is theoretically no private key and password. These coins are parked on this burning address forever and cannot be used or withdrawn by anyone. The burned coins remain in the blockchain, but worthless.
The safer option is to destroy the coins. The coins are sent to a burning address and then destroyed manually. The destroyed coins are irretrievably removed from the blockchain. The total number of existing coins is reduced by the number of burned or destroyed coins.
With the Syk Burning Service, the coins are destroyed. In this type of burning, the coins are irretrievably removed from the blockchain and the total number of coins is reduced.
Yes, SyK will provide the client with all the evidence of the destruction of the coins. Each step is backed up with screens. In addition, the client receives the TX ID or HashID via which everyone can trace the destruction in the Explorer.