Is it already running?
Yes as mentioned we are finishing the BCY distribution over the coming week. Once it's all set up we are going to burn the rest.
Gutenberg will be an automated platform and still in development. Meanwhile at the end of the month 50% of bitcrystals we receive will be burn and each month we will publish a report.
Thanks for the reply Yodark, but as it is a blockchain asset we just need to check the adress where the BCY are sent (burnt) so we should be able to check on this adress the number of BCY which are burnt in real time
Or maybe it doesn't work like this?
BitCrystals to be burned will be sent to this address: 1BURNSogXXXXXXXXXXXXXXXXXXXXW3ny2Y
Hi Hnin,
I am not an expert in XCP but is this adress provably unspendable?
I know for exemple in NXT there is a genesis account where it is proven that any NXT or asset sent there is unspendable ( in this account the amount of NXT is - 1 billion, as it is negative and you need 1 NXT per transaction anything sent there is lost forever).
On XCP they used some Proof Of Burn to make XCP coins, so they have sent bitcoin to this provably unspendable adress, though I don't know how it is "provably" unspendable, so I guess you did the same thing with this SOB burn adress?
Can you or sombedy else confirm that your adress is provably unspendable?
I am not worried about some cheating from your company, but a hacker or 1 of your member could be tempted to steal some assets or BCY if he can access to the private key of this adress, on an other hand if it is provably unspendable, no more worries
Please read this article http://counterparty.io/news/why-proof-of-burn/ which explains how the XCP burn address was created (the part on the bottom). The SoG burn address 1BURNSogXXXXXXXXXXXXXXXXXXXXW3ny2Y has been created in a similar way, so as to ensure that no matching private key exists or can be brute-force guessed by a hacker. This way, when the unsold BCY will be sent to that address, they will not be retrievable by anyone in the future.