According to the whitepaper, Burn1 is a charity token that supports cannabis reform and advocacy. The motive behind the launch of this token was that there are still tens of thousands of people who are facing life imprisonment for cannabis-related crimes. Therefore, Burn1 cryptocurrency aims to generate funds for nonprofit organizations and corporations that help people and communities affected by cannabis-related issues.

Burn1 plans to collaborate with THC, CBD, and edible product farmers, manufacturers, and producers to establish the first cannabis-focused token governance system, which will empower the Burn1 community to participate in the branding of cannabis-related items. Burn1's ultimate objective is to integrate the Burn1 coin into the daily life of the cannabis community.

The initial circulating supply of Burn1 is 1 quadrillion tokens. With each transaction, an 11% fee is deducted from the user’s wallet that is used in the following way:

Burn1 has upgraded its smart contract, and the updated coin was airdropped to the wallets of token holders on July 30, 2021. This update in the smart contract has increased the ability to donate to charities by 700%.

Burn1 was launched on May 7, 2021, at 4:20 PM PST. Louis Hall is the founder of Burn1 Coin. He is an environmentalist and crypto enthusiast.