What Is Boost Coin (BOOST)?
Boost Coin is a native token of Boost platform, a digital platform that aims to decentralize financial tools. The platform is based on the decentralization of finances instead of concentrating such financial tools in the hands of a few. Therefore, the primary goal of the Boost platform is to establish an independent community that performs self-financing and self-governing. Boost Coin is also supported on its former Boost Trading app.
The Boost ecosystem believes in eliminating human involvement in trade to ensure fair trade without any restriction. Hence, the first tool of the platform is swap, which is a decentralized exchange (DEX).
As claimed by the website of Boost Coin, the platform provides good security by using audited contracts audited by Certik, a reliable third-party auditing firm. Moreover, the whitepaper of Boost Coin claims that the platform provides security to establish trust among the clients. Therefore, the platform benefits from over seven years of decentralization and security by transacting over the Ethereum network.
The business model of the Boost Coin platform is based on a decentralized business model. As mentioned in the whitepaper, an essential objective of the platform is to evolve into a decentralized autonomous organization (DAO). Therefore, the platform aims to grow through the democratic system of the business model.
The three significant features of the Boost Coin platform are reliability, security, and trending on various exchanges. As claimed by the website of Boost Coin, the network's contract is open-source. Moreover, all the wallets associated with the team behind the platform have been disclosed to ensure complete transparency.
The Boost Coin platform seeks to launch Boost Swap to enable users to swap easily. Furthermore, to achieve the objective, the platform has taken a cue from Balancer and Uniswap for making Boost Swap more productive. Importantly, Boost Swap provides 0.3% to the liquidity providers. Therefore, any user can contribute and earn an income through liquidity provision.
The Boost platform seeks to market Boost Coin to enable more partnerships, enlargement of influencers, and community to spread awareness about the token and the platform. Moreover, token holders can earn Boost Coin by holding the coins. As stated by the website of Boost Coin, the tokenomics of Boost Coin are subject to change with the development of the project. This allows the token to be more transactional.
History of Boost Coin (BOOST)
Boost Coin was launched in the third quarter of 2021 by Pasquale Diamond Celi, a successful trader in the cryptocurrency market. Pasquale is the founder and proprietor of Boost Trading, an iOS and Android trading application from which Boost Coin was born. The token's total supply is 1,000,000,000 Boost Coin.
How Are New BOOST Coins Created?
50% of Boost Coin is burned before the token's launch, which makes the token a deflationary asset. Deflationary assets are those where the total supply is reduced with the transfer of the token each time.
On each Boost Coin transaction, an 11%tax is levied. Out of the 11% tax collected, 4% goes to marketing, 3% to development, 2% to market making, and the remaining 2% is distributed proportionately among token holders. It's worth noting that the tax deduction is subject to change based on future governance choices made by the Boost community.
