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I can see the same fiat logic applied to this protocol, replacing a centralized entity with another one in the blockchain? Fine.
Who is cashing in the renewal price?
These spaces should be like bitcoin addresses, one could mine its own... but buying it? Renewing it on ann annual base? No thanks.
These are my first impressions, let me know if I'm wrong @anon
0 sats \ 1 reply \ @anon 26 Aug
All proceeds from auctions are burned. That includes opens, bids, registers, renewals. This means that any BTC used is permanently removed from circulation. This approach ensures that no single entity profits.
Think of it as a donation to everyone. Burned coins only make everyone else's coins worth slightly more. Names aren't anyone's property to begin with. The Spaces protocol is built on cypherpunk principles, emphasizing decentralization and privacy.
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Make much more sense now. How the protocol prove the sats are burned?
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