Burned Tokens
By CoinGecko | Updated on Jul 28, 2020
Tokens which have been sent to addresses whose private key are not known, effectively becoming unusable. Example burn addresses include 1BitcoinEaterAddressDontSendf59kuE on Bitcoin or 0x0000000000000000000000000000000000000000 on Ethereum.
Related Terms
Unspent Transaction Output
(abbv. "UTXO") Coins that are unspent in the wallet. UTXO virtually represents the cryptocurrency one own in the wallet.
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
Token
Blockchain based unit of value issued by an organization, which grants token holders a right to participate in a network.
Byzantine Generals’ Problem
A term used to describe the situation a single strategy which requires consensus from all members within a group who cannot be trusted or verified
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