Show HN: I made a full Ethereum account-proof circuit in Circom
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Re: Show HN: I made a full Ethereum account-proof circuit in Circom
#2Is this an accurate summary?:
Burn ETH to get a receipt-token that says you burned ETH. The private receipt-token you receive is valuable because:
It cost real ETH to mint
It’s untraceable and scarce
It can be traded, used, or staked
It opens access to private ecosystems (like voting)
Re: Show HN: I made a full Ethereum account-proof circuit in Circom
#3Is this an accurate summary?: Burn ETH to get a receipt-token that says you burned ETH. The private receipt-token you receive is valuable because: It cost real ETH to mint It’s untraceable and scarce It can be traded, used, or staked It opens access to private ecosystems (like voting)
Almost correct!
Though the system consists of 2 tokens. BETH which is 1:1 ERC-20 receipt of burnt ETH, and WORM which has a limited cap & limited emission of 50 WORM per 30 minutes which can be mined by consuming BETH :)
Re: Show HN: I made a full Ethereum account-proof circuit in Circom
#4Is this an accurate summary?: Burn ETH to get a receipt-token that says you burned ETH. The private receipt-token you receive is valuable because: It cost real ETH to mint It’s untraceable and scarce It can be traded, used, or staked It opens access to private ecosystems (like voting)
Almost correct! Though the system consists of 2 tokens. BETH which is 1:1 ERC-20 receipt of burnt ETH, and WORM which has a limited cap & limited emission of 50 WORM per 30 minutes which can be mined by consuming BETH :)
So the receipt-token is converted to the WORM so it becomes untraceable, kind of like tornado cash. Do you mean mined or just converted? Mined kind of implies a lottery-like system to me.