| author | title |
|---|---|
Noah Jones |
Proof of Burn |
Charles Hoskinson asked us to implement Proof-of-burn.
The proof-of-burn satisfies the following:
- Unspendability
- Binding
- Uncensorability
We propose the following properties for burn protocols. Unspendability, which mandates that an address which verifies correctly as a burn address cannot be used for spending; binding, which allows associating metadata with a particular burn; and uncensorability, which mandates that a burn address is indistinguishable from a regular cryptocurrency address.
In addition to this model, I wonder if one can be performed in which money is sent to an address the redeemer of which requires the UTXO that created the redeemer in the first place, essentially causing the tokens at that address to be unspendable by the same logic as that which makes an NFT an NFT -- by virtue of fees and the uniqueness of the UTxO address.