Inspiration
Bitcoin's social contract includes a hard limit on the supply with a promise that this feature will help to make it the greatest money to ever exist. Questioning the 21 million hard limit is considered heresy but it is widely unknown what will happen after the emission rate drops to near 0. Hodlers become free loaders and unless there is significant transaction volume, an unstable equilibrium of constant forking at the tip may emerge. There ought to be a way to opt out of Bitcoin's monetary supply if the 21 million hard limit is non-negotiable and it threatens the network's viability.
What it does
Submit a stateless SPV proof to a cosmos based chain that Bitcoin was sent to an unspendable address. This mints new Bitcoin on a cosmos based chain. To enable a form of tail emission while incentivizing users to migrate, a user who submits a SPV proof of burn will receive inflation for every additional user that submits a SPV proof of burn.
How I built it
Using CosmosSDK, we created a module that can validate stateless SPV proofs. The IBC module was not ready for our application, so we used LotionJS to put togther a simple working application. We have a front end and collect proofs from a bcoin node.
Challenges I ran into
IBC
Accomplishments that I'm proud of
Awesome fire animations
What I learned
CosmosSDK as a framework
What's next for Burning Bitcoin
Make people aware that this may be a viable attack on cryptonetworks into the future.
Built With
- cosmos
- ertp
- javascript
- lotion
- node.js
- vue.js
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