Tokens - Why do we burn for them?


#1

Two instances for burning BTC/crypto at the moment (with relation to Blockstack)

  1. To buy blockstack ICO
  2. To pay for identity

Is there a reason they must be burnt?

It’s 100% sensible to place a financial burden on creating identity to prevent spam/fake account inflation.
But surely we can find a way to put the money to good use while ensuring the money can’t easily make it back to the original owner/conspirators.

Perhaps allow a few options?

  1. burn
  2. donate to blockstack
  3. donate to some sort of community honeypot. Perhaps with in return for a token to vote funds towards one of several charities or app developers. (raises more questions but should we explore?)
  4. donate to James O’Donoghue (great guy btw)

Would love to hear your thoughts. Am I missing something?


#2

“Burning” bitcoin removes the bitcoin from the circulating supply all things being equal increasing the value of the remaining bitcoin. Burning of bitcoin is in essence a donation to all other holders of bitcoin by making their holdings a larger percentage of the circulating supply of bitcoin.


Where did the fee of creating the namespace .id go?
#3

Neat idea. I think we could create a token fund for public works, and use a voting app to allow authorized users to fairly decide how the funds are allocated and implemented. Is @cryptocracy doing something like this already?


Who and what mechanism decide the price of blockstack name id?
#4

Something similar … but not entirely, and no layer of voting required for Souq to operate as a decentralized crowdfunding application.
With Souq users can create unique Projects that live on-chain.
A Project consists of the following properties.

"contacts":
      "website":"<URL>",
      "phone":"<TN>",
      "email":"<EMAIL>"
   },
   "childof":"<PARENTID>",
   "bitcoin":{
      "goal":"<AMOUNT>",
      "address":"<ADDRESS>"
   },
   "coordinates":{
      "latitude":"<LATITUDE>",
      "longitude":"<LONGITUDE>"
   },
   "children":{ 
   },
   "project":{
      "category":"<PICK-LIST>",
      "type":"<PICK-LIST>",
      "detail":"<DETAILS>",
      "title":"<TITLE>"
   },
   "image":{
      "url":"<URL>"
   },
   "v":"<API-VERSION>",
   "id":"<GENERATED-ID>"
};

Thus the Projects are able to be queried by:
ID/Name
Location
Category
Type
Crypto Goal
Crypto Address
Keywords/Strings


Still on the action item list, but once fully completed, owners of Projects will be able to update the properties of their Projects including being able to be transfer ownership to a new owner.
Projects are also fully transparent and able to be audited by the potential/actual contributors and will be able to be reviewed by actual contributors.

If you have questions, ideas, or any form of feed back, I’m all ears :ear: :):grin:


#5

Thanks @cryptocracy, I guess there’s no voting layer required when people are allocating their own funds to a project, rather than funds that they don’t own but are allowed to vote for.

Might take you up for a chat :slight_smile: