What is "coin burning"?

⁉️ Dear friends, right after the broadcast, we saw a lot of questions about coin burning. Many people did not understand what it is, how it works and why we need it. So we decided to explain everything in detail.

Coin burning is an initiative of the ROY Club Team.

At the moment, the UMI code has no mechanism for coin burning. However, the ROY Club Team came up with its own method. We created a wallet without a mnemonic phrase which no one has access to. By transferring coins to this wallet, we “burn” them since they are withdrawn from circulation forever and no one can use them. 📛

Why do we need all this?

Burning is a way to cause a shortage of coins which in its turn should have a positive effect on the price. It’s simple: less coins in circulation = higher coin value. 📈

Will you take away all the coins and burn them?

NO! Joining the burning challenge is 100% voluntary. We do not force anyone to burn their coins, we do not set any limits. More than that, we have no way to force this on anyone. But if you have a desire to burn at least one coin for the benefit of the entire community — you can do it at any time. 😀

How can I join the challenge?

Just transfer any number of coins to the wallet for coin burning:

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Will the leaders and the ”big wallets” do it too?

Yes. During the broadcast, Sergey Ordin burned 100,000 coins of his own and handed over the baton to Vladimir Moshkin and senior curators. We hope that all the leaders and participants will join this initiative and this will help us a lot in stabilizing the UMI price and developing the ROY Club. 😎

We hope that everything has become clear now! Join the burning challenge too, invite your partners to join and off we go, onwards and upwards! 🌟

👇 Wallet for burning

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‼ ️Attention! You can only find the official wallet for burning in this post, in the ROY Club news or under our video on YouTube. Do not transfer coins to wallets sent to you from a personal account or via chats — they may be from scammers ‼ ️