What Is Bomb (BOMB)?
Bomb is a community-driven, open-source cryptocurrency project. The project was initiated as a social experiment to develop a deflationary token that can counter the inflation issues that exist with cryptocurrencies worldwide. The term deflationary token signifies a cryptocurrency whose total supply decreases with every token transfer activity. According to the smart contract address available on the website of the asset, in order to achieve this deflationary structure, Bomb was developed on the Ethereum platform using immutable smart contracts. The immutable smart contract signifies irreversible pre-determined programs using which cryptocurrencies are developed.
Further, according to the website of the asset, Bomb seeks to resolve the “token velocity problem” that exists with other cryptocurrencies. The token velocity problem signifies the pace at which cryptocurrencies circulate on their native platform’s ecosystem. This pace is usually high for the majority of crypto, and as a result, it decreases the long-term stability of the token. It is where Bomb steps in as a token by integrating a self-destructing mechanism in its smart contract, making the token a solution for the token velocity problem while providing long-term stability. The self-destructing mechanism highlights a coin-burning process, where tokens are sent to an inaccessible wallet to decrease supply and increase the asset price.
This self-destructing framework, in turn, makes the Bomb token (BOMB) ideal for usage as a decentralized financial underwriting rather than a transactional token for daily usage. Besides this usage, the token also provides users with speed, privacy, and cross-border exchange facility, fulfilling the vision of Bomb to be the Bitcoin of the deflationary token, as stated on the website of the asset. Other than these functions, the token does not assure any other operational value or rewards to its holders, reflecting BOMB as a purely staking utility to counter token velocity problems of the crypto world.
Further, in the light of the demand from Bomb’s community to see the BOMB token on Uniswap, the project also launched its wrapped token, denoted by its ticker WBOMB. The term wrapped token signifies a financial representation of the underlying token, in this case, BOMB, which facilitates the value and representation of the underlying token on other blockchains. The main reason behind the introduction of the WBOMB was based on the inability of Uniswap to support the coin-burning process of the BOMB token. Hence, unlike the BOMB token, the WBOMB token does not reflect a coin-burning mechanism when the tokens are on the Uniswap platform. However, the burning of WBOMB still exists when the token is swapped back onto the Ethereum platform on which the BOMB token functions. In order to facilitate this swapping of WBOMB to BOMB and vice versa, the Bomb project launched Bomb Exchange, a decentralized application (DApps) native to the Bomb project, thus creating a complete deflationary ecosystem for which the Bomb project initially started.
History of Bomb (BOMB)
The Bomb cryptocurrency is a community-driven project created by Zachary Dash on February 11, 2019. The project is an open-source social experiment that does not have any headquarters. The token of the project has a maximum supply of 1,000,000 BOMB, which was initially minted when the token launched.
How Are BOMB Tokens Created?
BOMB is created by the process of minting the tokens on the Ethereum platform using an immutable smart contract. There is no possibility of any further minting in the future.