Alright everybody here's what you've all been waiting for.
Coin DestructionWe are going to send the remainder of the funds not issued to the public (less 1400 to Busoni - He will verify the address) to an address generated using the same method Novacoin used to destroy their pre mined coins. This method creates an address that passes sanity checks in the wallet while using a valid hash which makes the public key invalid. Even if anybody were to brute force the private key, that will still be invalid - The coins in this wallet are permanently unrecoverable.
Here is how the coins are getting destroyed.
Feel free to follow these steps yourself to verify the method: (Taken from Novacoin, byte sequenced changed to match XBC --
https://bitcointalk.org/index.php?topic=144158.0)
1) We used the hash of an obviously made up public key. This means the difficulty would be in even finding a public key with such a hash, much less finding the corresponding private key
2) To create the valid non-redeemable address for destroying coins, we will use this online address generator:
http://gobittest.appspot.com/AddressUsing this byte sequence as public key to return invalid: (Section 1 - Public ECDSA Key)
0800000000000000000000000000000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000
Enter this line to "Public ECDSA Key" field and press "Send" button - This will return the error "Invalid public key length". After this you need to set the correct address version. Go down to section 4 and edit the first byte of "Adding network bytes to 3" field, set it to 19 (First two characters). I.e. final value of "Adding network bytes to 3" will be
19B472A266D0BD89C13706A4132CCFB16F7C3B9FCB
Now you can press "Send" button and get the XBC address used for destroying the coins, which corresponds to invalid public key.
This address will be forever invalid (while still passing the client's sanity check) and the coins will always be unrecoverable
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I will record my desktop throughout the process to make sure everything is documented meticulously and post to youtube -- I will also plug the numbers that appear for me above and you will be able to verify with 100% certainty these coins are lost forever.
The destruction address is: BLuCaBUaSANZZ3Z9R7JzZJRT6wwhc9VxuG
http://xbc.blockx.info/get/address/BLuCaBUaSANZZ3Z9R7JzZJRT6wwhc9VxuG TX:
http://xbc.blockx.info/get/tx/1b168017d4e8c0d16b946068c5e956ccee1d8e1909ca0118d579a4e351120928#o1http://xbc.blockx.info/richlist/ - click "View More Stats" - scroll down to see the destroyed coins.
They have been destroyed, as of there are a grand total of 55,350.01 XBC in circulation.
Generating the address:
https://www.youtube.com/watch?v=aqYtvmVho-wSending the coins
:
https://www.youtube.com/watch?v=gsw6rzNT4IwI see somebody sent 0.1 XBC to the destruction wallet
send to our community development fund instead, address in my sig.
UPDATE - Remaining 1400 coins will be sent to busoni@poloniex.
Address: BG24FkmmGwNCKhUT8846A53xR8RTPdRnt4
Verification:
https://bitcointalk.org/index.php?topic=549485.msg6531892#msg6531892\TX ID:
http://xbc.blockx.info/get/tx/9f3454daa17558597b4f918e2fa8ab17cf4bf8e10aaacb12c1e5f45d43978fbd
