Does ICP burn coins?

Cryptocurrencies offer numerous utilities beyond simply being a means of exchange. One of these utilities is their ability to power various functions within blockchain ecosystems.

For example, in the case of the Internet Computer Protocol (ICP), a leading blockchain project, the ICP token can be burned to obtain 'cycles' which are then used for computation and storage within the network's canister smart contracts.

Another leading cryptocurrency exchange, BTCC, offers a range of services that cater to the needs of traders and investors in the cryptocurrency space. These services include spot trading, futures trading, and wallet services.

Among these functions are computation, staking, voting, governance, and ownership. Each of these serves a critical role in maintaining the health and growth of a blockchain network.

The utility token model allows cryptocurrencies to facilitate these functions. As a utility token, a cryptocurrency can be burned or used to obtain 'cycles' or other forms of digital resources.