Contest: How do I contribute to the burnsteem25 project

Designed on Canva

Let me start by commending @solaymann and other moderators of the Steem For Bangladesh community for always coming up with interesting and educative content for us.

For this contest, the team has presented an educative contest titled How do I contribute to burnsteem25 project

If you’ve been on Steemit for some time, you may have heard about the Burnsteem25 project. As this project is an innovative way to increase the value of the Steemit cryptocurrency (STEEM), by burning a set amount of tokens during the publication of our posts.

Follow this article, as I would be sharing my understanding and views on the Burnsteem25 initiative.

The Burnsteem25 project is an initiative on the Steemit platform to reduce the amount of STEEM in circulation. This project seeks to create a deflationary economy, in which prices are kept low and steady.

The idea here is that if there is less STEEM in circulation, then the value of each STEEM should go up. And
as such, the project works by burning 25% of the STEEM rewards earned from each post on Steemit.

This means that instead of receiving all of the rewards earned from each post, users only receive 75% of them, with the other 25% being burned and removed from circulation forever.

This is a great way to increase the value of STEEM and help stabilize the market, and It also encourages users to write more quality content, as their rewards will be much higher than normal.

The Burnsteem25 project was suggested by a Steemit user @burnpost and has since been adopted by many other users on the platform. The latest and most efficient way of burning steem is by setting 25% of your reward earnings to null (an invalid user address).

As I earlier stated, a minimum of 25% is allocated to null, either by sending it from an exchange wallet or setting it before making a post. As for me, I tend to always set it before making a post.

about to burn 25% rewards	reward set on my post

As seen in my screenshots above, Just before the publication of a post, I would click on "Advanced settings," where I then added null as a beneficiary of 25%.

To prove that the steem we burn on our posts is forever lost, I decided to check how invalid the null account really is. I tried to create an account with the username "null," but I was interrupted by a prompt stating that "a user is already making use of the name".

null username used	null wallet invalid

For further details, I proceeded to the wallet of the null user, where I then confirmed that the null wallet is truly invalid. The account was said to have been created 47 years ago, while in essence, the Steemit platform is barely 7 years old.

The Burnsteem25 project has several potential benefits for the STEEM blockchain and its tokenomics:

• By burning STEEM tokens, users can help to reduce the circulating supply and create a deflationary economy. This means that the value of the remaining tokens should increase, making them more valuable.

• The project is also intended to reduce the amount of STEEM power held by whales and distribute it more evenly among smaller users. This could lead to more decentralization of power on the platform and an increase in user activity.

• Burning tokens helps to reduce the overall inflation rate, which is beneficial for all STEEM holders.

As I clearly stated in the comment section of one of Steemcurator02's remark, "every loyal and dedicated steemian having the betterment of the platform at heart, would gladly support the Burnsteem25 initiative."

I would encourage other steemians to see the brighter future and support this project, given the fact that it has had a good effect on the price of steem.

So far since the implementation of this project, the price of steem has been positive and more stable than before. The project has seen a huge decrease in the number of STEEM coins in circulation, with over 15 million tokens burned since its inception.

This Burnsteem25 project has helped to boost Steemit's reputation within the blockchain community. Because by burning tokens we demonstrate our commitment to keeping the network safe from inflation and making it a role model for other cryptocurrency networks.

Overall, the Burnsteem25 project has been a resounding success so far and continues to help strengthen and grow the Steemit community.

The project is a great way to support the Steemit community while also earning rewards and creating a deflationary effect on the token's value.

Big Kudos to the organizer of this contest, I appreciate your commitment to always delivering excellent and educative contests.

Am inviting @dave-hanny, @m-fdo, and @adylinah to check out this contest.

Thanks for your time here.