PANews reported on August 31st that the Ethereum Community Foundation launched the ETH Proof-of-Burn token, BETH, aiming to transform the basic mechanism of ETH destruction into an on-chain tokenized form. Each BETH token represents ETH that has been verified to have been removed from circulation, establishing a transparent and auditable destruction record. When a user sends ETH to the contract, the ETH is immediately forwarded to the destruction address, ensuring its permanent removal from circulation. Upon successful forwarding, the contract mints an equal amount of BETH tokens and sends them back to the sender, maintaining a 1:1 correspondence between destroyed ETH and minted BETH. In response, Consensys CEO Joseph Lubin stated that destroying ETH will become a very profitable activity that can spawn new industries, and that development will be carried out on tokens such as BETH, BBETH, and BBBeth.PANews reported on August 31st that the Ethereum Community Foundation launched the ETH Proof-of-Burn token, BETH, aiming to transform the basic mechanism of ETH destruction into an on-chain tokenized form. Each BETH token represents ETH that has been verified to have been removed from circulation, establishing a transparent and auditable destruction record. When a user sends ETH to the contract, the ETH is immediately forwarded to the destruction address, ensuring its permanent removal from circulation. Upon successful forwarding, the contract mints an equal amount of BETH tokens and sends them back to the sender, maintaining a 1:1 correspondence between destroyed ETH and minted BETH. In response, Consensys CEO Joseph Lubin stated that destroying ETH will become a very profitable activity that can spawn new industries, and that development will be carried out on tokens such as BETH, BBETH, and BBBeth.
The Ethereum Community Foundation launches BETH, a proof-of-destruction token
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PANews reported on August 31st that the Ethereum Community Foundation launched the ETH Proof-of-Burn token, BETH, aiming to transform the basic mechanism of ETH destruction into an on-chain tokenized form. Each BETH token represents ETH that has been verified to have been removed from circulation, establishing a transparent and auditable destruction record. When a user sends ETH to the contract, the ETH is immediately forwarded to the destruction address, ensuring its permanent removal from circulation. Upon successful forwarding, the contract mints an equal amount of BETH tokens and sends them back to the sender, maintaining a 1:1 correspondence between destroyed ETH and minted BETH. In response, Consensys CEO Joseph Lubin stated that destroying ETH will become a very profitable activity that can spawn new industries, and that development will be carried out on tokens such as BETH, BBETH, and BBBeth.
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