Hello BURST community !!
Can anyone please guide me on how to create a custom burn address?
Will appreciate your kind help.
Can anyone please guide me on how to create a custom burn address?
Will appreciate your kind help.
http://wiki.burstcoin.de/index.php?title=FAQ
If vandalay really meant a burn address this would not help completely, as he would have access to it.
Well, at least I would not trust a burn address like that, just send coins to genesis acc
Can you please elaborate on the genesis account?
I know it exists for NXT as well
how is it provably unspendable?
and what is the public key of the BURST gen account?
You guys are sure it works in Burst as well? I could see burstdev having removed it and it just being a regular account.. which has a known password.
You should probably test it by sending a couple Burst there before using it as a Burn address.
Genesis address is BURST-NU58-Z4QR-XXKE-94DHH
It's pubkey is 0000000000000000000000000000000000000000000000000000000000000000
really anything that entirely has numeric meaning(unlikely to have a pubkey found by chance would work)
iirc account 0 is BURST-2222-2222-2222-22222, so that works nicely also.
unlike NXT or HZ (clone of NXT), BURST genesis account doesn't have a negative balance.
with negative balance, you have an easy proof of burning coins.
So how can one use BURST genesis account to burn coins?
This is due to the fact that both HZ and NXT are 100% premined. Their genesis accounts started out with a balance of 0, therefore when they sent out the premine coins the accounts ended up with negative balances. IIRC NXT is hardcoded to reject transactions coming from accounts with negative balances so this provides an effective way of burning even if the passphrases to access them are known.
As both mczarnek and the dev pointed out, anything that is sufficiently unlikely to have a key found can dub as a burn address in BURST (maybe not for the extremely paranoid
). I apologize for thinking of the genesis account first, as you might argue it does not perform the function as well as it does in other 'NXT' coins. During one discussion the dev mentioned destroying assets by sending them to the genesis account, so I thought it performs the same function as in other 'NXT' coins.
This mistake of mine illustrates my initial point to some extent though
. I would not send my coins to a randomly looking account someone posts in this thread (or anywhere else) and claims 'This is a burn address'. Always approach posts with a healthy dose of caution 
you forget that if the public key is not published by a own transaction from it it only has 64 bit options to gain access to.
since the pk is unknown at the beginning there wont be any option to do such a transaction.
but my compute farm is waiting for such a address if someone wants to establish a burn address this way (want to test some code)
We are a few who believes in this coin, and what a nice way of showing support 
