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“When coin burn?” Every day, and 400 000 SC so far

A light (but educative) reading for the weekend:
Among the usual tribulations of traders like the occurrence of the moon and the release date of certain Italian luxury car manufacturer, “when Binance” and “when coin burn” are usual questions. The first one is not a thing anymore, so today I am decided to answer the second one :-)
Actually, coin burning has existed on Sia since the origin of the blockchain. Probably many users are not aware of this, but every time a host does not fulfill his obligations in a contract (presenting a valid storage proof), the part of his collateral backing the renter’s files, together with the profit that would be paid from the renter, is burnt. For those unfamiliar, burning consists on sending coins to an address which is extremely unlikely it will be able to be used, as it does not form part of any known wallet. Specifically, funds are being sent to the address 000000000000000000000000000000000000000000000000000000000000000089eb0d6a8a69, this is, the address number 0 followed by its checksum of 12 characters.
And how much has been burnt to the present day? The blockchain explorer that I released a couple of months ago, Navigator, among other things allows me to retrieve bulk data from the blockchain, so I am presenting all the collateral being burnt over time in https://siastats.info/macroeconomics (third chart). Overall, 393 000 SC. Little, compared with the current Supply, but it is good to keep track of it.
Do not confuse this source of coin burning with the Proof of Burn mechanics that will be introduced in a future update. Once deployed, hosts will have to burn a specific amount of coins to create a “reputation”, and so preventing Sybil attacks (where the attacker deploys multiple fake hosts to outcompete legit ones) by making them economically unfeasible.
Oh, and before any user starts developing thoughts like “we need a serious burn” or “devs should burn coins”, just remember that unlike most of the coins out there, Siacoins are not issued by the developers, and instead the whole supply is rewarded to miners (pure and fair PoW, like in Bitcoin). This means all the Supply of coins is in the hands of the community. Of course, if you want to contribute to the cause of burning, feel free to send coins to the address mentioned above :-D
submitted by aerrejon to siacoin [link] [comments]

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