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Cardano Burn Mechanism Protocol: The Iagon team develops a censorship-resistant token burning mechanism
Burn Proof ( PoB ) Protocol Analysis
The Iagon team recently completed a challenge by developing a proof of burn (PoB) protocol for the Cardano ecosystem. This article will introduce the specifics of this solution:
Overview of the Burning Proof Mechanism
Burning proof essentially involves sending tokens to an inaccessible "black hole" address for destruction. This mechanism can increase the value of the remaining tokens or serve as proof of commitment for the blockchain protocol. The security of the burning operation is based on cryptographic hash functions, which are easy to compute in the forward direction but difficult to reverse.
PoB Smart Contracts on the Cardano Network
Cardano smart contracts consist of three parts:
The contract supports four types of operations: burn, verify burn, lock, and redeem. Transactions are submitted to the blockchain after being executed in the user's wallet.
Smart Contract Deployment
The steps for contract deployment include: installing the Haskell toolchain, building the Plutus script, starting the Cardano node and wallet, restoring the wallet, executing burning and verification, etc.
Wallet Script Solution
To prevent censorship, PoB can be implemented using only wallet scripts without the need for smart contracts. This requires replacing the public key hash with the commitment value hash and flipping the least significant bit.
Overall, the PoB protocol developed by Iagon provides a censorship-resistant token burning mechanism for the Cardano ecosystem, which helps to promote ecological development. In the future, as the infrastructure improves, more complex smart contract solutions may emerge.