What is BoringToken ($BOT)?
Most cryptocurrencies that I'm aware of aren't able to keep minting and burning tokens. BoringToken is a token that will be deployed on Polygon that will provide token holders the ability to mint and burn tokens based on the community. Trusted users on the network can create proposals and other users can vote for them through a smart contract. Once the proposal expires and the number of upvotes is greater than downvotes, it can be implemented. This would mean the smart contract would mint X tokens into the pool.
What is the Pool?
The pool is a smart contract used to hold BoringToken. Other approved smart contracts will be able to withdraw from it. This would mean a network of contracts such as faucets and even exchanges.
What would the effect of minting and burning be?
Minting new tokens would lower the price. Burning would increase the price. Users can burn their own tokens or vote on a burn proposal.
How can I mint and burn tokens?
Since the minting and burn functions are in a smart contract, they can be called on polygonscan. A web interface will come in the future.
When will this be released?
Hopefully this will be deployed to the Mumbai network in the fall. In the fall of 2022, I could deploy this onto the mainnet. This will only happen after crypto starts to stabilize a bit more.