Burning Tokens

The burnToken method enables developers to permanently remove tokens from circulation within their blockchain application. This functionality is essential for managing the token supply, redeeming tokens, or other scenarios where reducing the number of tokens is necessary.

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Overview of the burnToken Method

Token burning is a mechanism used to reduce the available supply of tokens, effectively removing them from the market. It can be used for various purposes, such as to create deflationary pressure on a token or to redeem tokens for assets or privileges within an application.

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Prerequisites

• Installed the edeXa-sdk in your project.
• An authentication token obtained through the SDK's authentication method. This token is necessary to authorize your requests.

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Sample Code Snippet

Here is a JavaScript code snippet demonstrating the use of the burnToken method:

import { ERC1155, Network } from 'edeXa-sdk';

async function burnToken() {
  // Configuration settings for the ERC1155 instance
  const settings = {
    network: Network.SANDBOX, // Use Network.MAINNET for production environments
  };

  const erc1155 = new ERC1155({
    ...settings,
    authorization: `Bearer ${token}`, // Replace `${token}` with your actual token
  });

  // Data required for the token burn operation
  const dataToBurnToken = {
    tokenId: 'uniqueTokenId', // Token ID of the tokens to be burned
    value: 100, // Amount of tokens to be burned
    chaincode: 'optionalChaincodeName', // Optional chaincode name
    channel: 'optionalChannelName', // Optional blockchain channel
  };

  try {
    // Perform the token burn operation
    const burnTokenResponse = await erc1155.burnToken(dataToBurnToken);
    // Handle success
  } catch (error) {
    // Handle error
  }
}

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Request Parameters

Parameter	Type	Required	Description
tokenId	String	Yes	The ID of the token to be burned.
value	Number	Yes	The amount of tokens to be burned.
chaincode	String	No	The name of the smart contract or chaincode managing the tokens.
channel	String	No	The name of the blockchain channel where the burn will occur.

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Response Format

Upon successfully burning the tokens, the burnToken method returns a response object containing:

Key	Type	Description
burner	string	The username of the user who performed the burn operation.