Digital Carbon Retirement: Sacrifice NFTs to the Black Hole
This article was originally published June 20, 2023 on the official DOVU blog.
👉 Sacrifice your testnet NFTs in the blackhole, right now 🔥
👉 Coder into space? Dive into our technical breakdown to learn how black holes link to carbon retirement!
or, continue to read below…
In late 2022, we introduced our vision for carbon credit retirement through the DOVU marketplace and, by extension, the Hedera Network via Guardian-created assets. Today, we are excited to share the first stage of the journey our team has made on the foundational aspects of the retirement protocol, addressing a burning issue on the Hedera network – the lack of a mechanism to burn assets such as NFTs. We present The Black Hole prototype, a solution designed to overcome this challenge and lay the groundwork for a comprehensive retirement protocol for carbon credits.
Understanding the Burn Problem on Hedera
Burning assets on the Hedera network is a significant challenge when compared to Ethereum-based systems. On Ethereum or EVM-based networks, users can send value to the 0x00 address, which is inaccessible due to cryptographic trust. However, Hedera uses a consent-based mechanism for holding value, which necessitates a unique protocol to enable asset burning.
Association is Consent to Hold Value; a Blackhole is Required
The consent-based approach on Hedera allows holders to choose the assets they hold. To address the burn problem, DOVU has developed a Blackhole protocol that enables individuals to burn NFTs from their accounts to a contract that includes analytics. This value can never be extracted, thus solving the burning issue on Hedera.
How this Protocol Solves the Burn Problem
The Black Hole protocol offers a secure way to burn NFTs, with built-in analytics to keep track of the burned value. This innovative solution provides Hedera users with the means to permanently remove unwanted assets from their accounts while maintaining the consent-based approach that the network is built upon.
Our Vision for Retirement, Understanding Rent
The Black Hole protocol serves as the foundation for a fully fleshed-out retirement protocol for carbon credits. The next stage involves integrating the protocol with saucerswap, enabling the ongoing retention of value when fees are paid in DOV tokens with in-contract swaps. Due to the rent mechanics of the network, it is crucial that the protocol can manage its fees by incentivizing community members, rather than relying on centralized accounts where assets can be extracted if rent payments fail.
Community Feedback and Involvement
We believe that community feedback and involvement are essential to the ongoing development and success of The Black Hole protocol and the retirement system. We encourage our readers to share their thoughts, suggestions, and experiences through various communication channels such as Discord, forums, or social media platforms. Your input is invaluable and will help us shape and refine our solution. Let’s work together to create a collaborative environment that fosters innovation and progress.
Future Developments and Updates
Looking ahead, we have several exciting developments and potential improvements planned for The Black Hole protocol and the retirement system. While we can’t share all the details just yet, our roadmap includes ongoing refinements to the existing system, collaborations, partnerships, and integrations that will contribute to the growth and success of the project. Stay tuned for updates, and rest assured that we’re committed to advancing our vision for a better, more sustainable future.
We are delighted to share a testnet demonstration that anyone can interact with, offering a hands-on experience by connecting your wallet and granting permission to burn NFTs you no longer need. This testnet experience allows users to clean their accounts while exploring the potential of The Black Hole protocol for the future of carbon credit retirement on the Hedera network.
Dive Deeper: A Glimpse into the Tech
Developers and tech enthusiasts, we’ve crafted a comprehensive technical breakdown for you.Interested in learning more about black holes and carbon retirement? Seize this opportunity!
Our technical breakdown is more than a peek behind the curtain — it’s your ticket to comprehending the Black Hole protocol, the retirement system, and their role within the Hedera Network. We cover all bases, from the consent-based approach that solves the burn problem to the intricate use of mirror nodes for reading smart contracts.
Are you a coder fascinated by space? Immerse yourself in our technical guide to explore how black holes intersect with carbon retirement. Whether you’re fueled by curiosity or intent on contributing to our cause, this enriching journey awaits.
We foster an open, collaborative environment where the exchange of knowledge sparks innovation. Ready to take the leap? Click here to navigate our tech guide and join us in forging a sustainable future.