Burn UBI to extend PoH proof

The more UBI you burn, the more you can extend the validity of your proof. Maybe with a year cap?

This could be a very good next step integration between both mechanisms. Helps new users fund the reward for the next generation of users.

11 Likes

What happened to this discussion? I think it would be great at this time to continue with this idea because burning UBI can be a good idea to give value to the token and at the same time renew the identity of a lot of people. Hay que retomar esta idea! no?

1 Like

Someone needs to draft a HIP and take it to vote.

Instead of having a cap, a quadratically increasing cost could be interesting.

Extend by 1 month = Burn 100 UBI total
Extend by 2 months = Burn 400 UBI total
Extend by 3 months = Burn 900 UBI total
Extend by 1 year = Burn 14400 UBI total
Extend by 2 years = Burn 57600 UBI total

1 Like

This is not possible with the current contract PoH implementation.
This would result in circular security dependencies, plus reliance on DemocracyEarth’s UBI DAO, that has unlimited power over UBI token.