How to burn a coin | Bitcointalksearch.org

TGD

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Quote from: sorrros on November 12, 2019, 09:32:13 AM

It is easy, send to an address which you think that no exist like burning address on ETH seems like this one: 0x000000000000000000000000000000000000dead
There is very little chance that someone will find private key from this address and will use these coins, this is the principle of coin burning,

Cryptonote is not ERC20 token and that address is the Genesis address of ETH which typically used for burning ERC tokens. Cryptonote has its own blockchain and I believe that it's impossible for coin to remove the burn token to the max supply just like bitcoins. Forking the coin is the way to set again the new supply.

Taskford

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Quote from: marvic4 on November 11, 2019, 10:54:27 PM

Hello,

How to burn a altcoin forked from cryptonote coin.

Thanks.

Read this https://masterthecrypto.com/coin-burning-what-is-coin-burn/ and maybe it can help you since this blog is think helpful for those people who want to burn their supplies.

#Darren

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A lot of companies are creating a new address and sending coins with a one way transaction. Nobody access this wallet, so they are "burned". On Ethereum blockchain there is a burn wallet, where you can send your tokens.

marvic4

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send to invalid address, i am aware of that. But that method will show burned coins in network.

I don't want show in network, and max supply should get decreased.

There should be no sign of burned coins.

sorrros

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It is easy, send to an address which you think that no exist like burning address on ETH seems like this one: 0x000000000000000000000000000000000000dead
There is very little chance that someone will find private key from this address and will use these coins, this is the principle of coin burning,

Greatchu

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Quote from: marvic4 on November 11, 2019, 10:54:27 PM

Hello,

How to burn a altcoin forked from cryptonote coin.

Thanks.

The most easiest way to burn coins is sending them to an unknown address or invalid address, they will be lost forever and no single soul will have access to them

mocacinno

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Quote from: igor72 on November 12, 2019, 04:50:45 AM

If I had to burn bitcoin coins I would have sent them to the same outgoing address with a maximum fees equal to the total amount. It's probably applicable in this case too.

No, doing this would be giving a donation to the miner or mining pool that solved the block including your spending transaction.

Spending an unspent output to fund a valid address whose private key is nearly impossible to find does not donate to a miner, but merely "destroys" the unspent output.

DaMut

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How about using a locked_transfer function to burn it? check this https://hackerone.com/reports/417515
we are talking about cryptonote coin that is totally different from the public blockchain.

igor72

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If I had to burn bitcoin coins I would have sent them to the same outgoing address with a maximum fees equal to the total amount. It's probably applicable in this case too.

Deathwing

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Send it to a valid address that is near impossible to find the private key for.

Similar to 1Counterpartyxxxxxxxxxxxx and 11111111111111111 1BitcoinEaterAddressDontSendf59kuE etc. These addresses are longer and valid for sending coins. But it is virtually impossible for private keys to be found. You can do a similar thing.

RapTarX

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As far as I know, burning coin doesn't require any extra ordinary work to be done. Create an address which private key isn't available to anyone, of course not even you. Send the coins into that address. That's it.
Check this- https://bitcointalksearch.org/topic/ann-info-list-of-provably-unspendable-altcoin-addresses-ie-destroy-coins-831042

Quote from: joniboini on November 12, 2019, 02:08:41 AM

If your purpose is to make those coins inaccessible, just send it to an invalid address.

If OP send coins to an invalid address, that will not be transparent, will it be public? I don't know much about it. Burning coin is a regular process to add value to the coin- like Binance do it most often, everything is public. Same way, OP have to send coins to a public address.

I might be wrong here though.

joniboini

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If your purpose is to make those coins inaccessible, just send it to an invalid address.

marvic4

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Hello,

How to burn a altcoin forked from cryptonote coin.

Thanks.

Topic: How to burn a coin (Read 203 times)