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Iagon develops the Cardano ecosystem burning proof protocol to achieve a censorship-resistant PoB mechanism.
Iagon launches a proof of burn protocol for the Cardano ecosystem
Recently, the Iagon team developed a burning proof protocol suitable for the Cardano ecosystem in response to the challenge posed by Charles Hoskinson. This article will detail this solution, including the following aspects:
1. Proof of Burn and Its Applications
The burning of crypto tokens ( and the destruction ) has been widely adopted, essentially sending tokens to an inaccessible "black hole" address. This mechanism can help increase the value of the remaining tokens and serves as a proof of commitment to the blockchain protocol. Although burning a large number of tokens may trigger deflation, there are still some who oppose this practice.
Iagon is committed to developing an uncensorable burn protocol. The security of this protocol is based on cryptographic hash functions, which are easy to compute but difficult to reverse. By flipping the least significant bit of the hash function output, a black hole address can be created.
2. PoB Smart Contracts on the Cardano Network
Cardano智能合约由三部分组成:
Cardano smart contracts do not have a centralized state; each eUTxO has an independent state. Possible operations include: burning, verifying burn, locking, and redeeming.
3. Deployment of Smart Contracts
The steps to deploy a smart contract include:
4. From Smart Contracts to Wallet Scripts
To prevent censorship, the burning operation can be performed using just a wallet without the need for a smart contract. This requires replacing the public key hash with the commitment value hash and flipping the least significant bit.
By using the Cardano API library, you can generate burn addresses, submit transactions, and verify burns.
Conclusion
This article introduces two implementations of the proof of burn protocol on Cardano: smart contracts and wallet transactions. Due to the current lack of necessary infrastructure for Alonzo smart contracts, it is recommended to use the wallet script solution. The future implementation of the PAB library will provide more possibilities for application development based on Cardano.