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Show HN: I made a full Ethereum account-proof circuit in Circom
- sfmz 1y agoIs 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)
- keyvank 1y agoAlmost 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 :)
- sfmz 1y agoSo 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.