Burn Mechanism for Domain Reservation

BNSx introduces a burning mechanism that allows holders to seize short domains and Web3 addresses by burning BNSx tokens. The implementation of the burning mechanism is outlined as follows:

Overview:

The burning mechanism enables users to register short domains and Web3 addresses by burning BNSx tokens. Once burned, these tokens become irretrievable, marking the commitment to the registration process.

Implementation:

  1. Transfer BNSx Tokens to Designated BTC Address:

    • Users initiate a token transfer to a specific BTC address, representing the burning action.

    • For example, sending BNSx tokens to Satoshi Nakamoto's address.

  2. Token Burn Confirmation:

    • The transferred BNSx tokens are treated as irreversible once confirmed on the blockchain, constituting the burn.

  3. Domain Registration Request:

    • After the token burn, users submit a registration request for a specific domain or Web3 address.

    • Temporary design example: {p:bnsx-89,op:reg,n:mydomain,tx:9971aa3cadd8327*****}.

    • Here, tx refers to the hash of the burning transaction.

Process Summary:

  • Users initiate a token transfer to a designated BTC address, signaling the intention to burn BNSx tokens.

  • The transferred tokens are considered irretrievable after confirmation on the blockchain.

  • Users then submit a domain registration request, indicating the desired domain and providing the hash of the burning transaction.

Note:

  • Irreversible Commitment: Burning BNSx tokens represents an irreversible commitment to the domain registration process.

  • Transaction Hash Inclusion: The hash of the burning transaction is included in the registration request for verification.

This burning mechanism ensures a fair and irreversible process for acquiring short domains and Web3 addresses within the BNSx ecosystem. Users can confidently participate in the registration process, knowing that the burnt tokens contribute to the legitimacy of their registration requests.

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