Coin burn #1. Vanity generator again? Let's see.

in crypto •  last year 

In mid of July, we announced several events for the end of the month (don't hesitate to track our calendar at CoinDar and CoinMarketCal ;).
The 30th of July 2018 was set as the date for the first SCRIV coin burn, but... we decided to make this procedure today.
There are several ways to do a coin burn. The question is: what is the most cryptographically proven and safe? (you can learn about coin burn here or here).

Now, we are happy to announce, that 4 million SCRIV have been successfully burned. This is over 2.6% of the total supply and now over 11% of the circulating supply is permanently unavailable!

The coins were burned by sending them to sJFQ5aG1kYvXEBRq4Sdqcg2Lg4CuwtaWNi.
You can track the balance on the SCRIV block explorer: https://explorer.scriv.network/address/sJFQ5aG1kYvXEBRq4Sdqcg2Lg4CuwtaWNi
2 test transactions were sent to this address before the coin burn procedure commit.


The explanation part follows now >>>

Simplistically, every wallet address is created according to the following algorithm: The hash is generated from a private address -> from the hash, the checksum is generated -> the result is encoded into a public key by the base58 algorithm. Read this article to understand how Bitcoin address are generated in detail: https://en.bitcoin.it/wiki/Technical_background_of_version_1_Bitcoin_addresses

The hash of a burn-wallet is 00000 00000 00000 00000 00000. The public key, that matches to this hash is not existent. You can check the hash by using any base58 decoder, like https://incoherency.co.uk/base58/.

base58.png


Why did we not use the VanityGen or another software to create the burning address which looks like scriVburNRNXXXXXXXXXXXXXXXXXXXXXXXXX or scrivCoinBurnDontSendThisAddressXXXX or etc.?

Because all addresses generated in this way always have the pair of a private-public key. And there is no way to prove, that someone is not an owner of the burn wallet.
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