It’s been a rollercoaster couple of days in the world of crypto, the drama around Terra and USC meant that many prices collapsed on Tue/Wed/Thu (including $MINA, which at one stage was trading at .80c). At the time of writing 1pm UTC on Friday 13th May things seem to be heading in the right direction again, but you can never be sure what is going to happen next.
Today saw an announcement via the Mina Protocol discord channel that the Mina Foundation plans to burn all future super-charged rewards, here is the announcement in full.
Hi @everyone, happy Friday!
We have some updates to share related to supercharged rewards. The Mina Foundation is committed to reserving supercharged rewards for community members and not to receive supercharged rewards themselves. In order to make this happen, a new burn address has been created.
Fire Burning Supercharged Rewards
Recently the Mina Foundation created new foundation accounts for practical reasons. Because these accounts hold unlocked tokens, these accounts would receive supercharged rewards by default – there is no way yet to create new locked accounts that cannot receive supercharged rewards. Since Mina Foundation has made a commitment not to receive any supercharged rewards, a new Burn Address has been created to send the extra rewards to. Tokens sent to this address are not accessible and are considered to be burned, more detailed information on this will follow below. This address can also be used by anyone wishing to burn tokens.
If the community is interested, a Mina Improvement Proposal (MIP) can be created that proposes to remove all the tokens in the burn address from the ledger at one of the next hardforks. If you’re interested in starting this conversation with fellow community members, then please head to http://MinaResearch.org to start a thread on this topic. We encourage open conversation and welcome new MIPs that are drafted by the community.
mailbox_closed ‘Soft’ Burn AddressThe ‘soft’ burn address, B62qiburnzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzmp7r7UN6X, is an address that is effectively impossible to find the private key for, thus making tokens sent to it unspendable and unable to stake or participate in consensus. Having no known private key means that the address is ownerless and inaccessible.
To create this special address, Mina’s ecosystem partner, O(1) Labs, built a tool designed to find public keys with a fixed prefix that can be used as ‘soft’ burn addresses. The tool ensures that the public key was generated in such a way that the private key cannot be found for it. Detailed information on this tool can be found through the links below.
scroll Further informationBurn address creation tool: https://github.com/MinaProtocol/mina/pull/10409/files
Burn Address: https://minaexplorer.com/wallet/B62qiburnzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzmp7r7UN6X
We are committed to being open and accessible, and we hope this update was informative. For any questions or comments, you can join the conversation in the #mainnet-block-producers channel. Thank you for your participation and being part of Mina! Mina_Spectrum
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