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41 sats \ 2 replies \ @_stacktoshi 9 Jan \ parent \ on: 🔥 🔥 Over 1 BTC irrevocably burned on the Spaces Protocol 🔥 🔥 bitcoin
https://docs.spacesprotocol.org/getting-started/auctions#where-do-proceeds-from-auctions-go
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0 sats \ 1 reply \ @0xbitcoiner 9 Jan
Thanks! Do you know how they ensure that no one else has access to these funds?
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31 sats \ 0 replies \ @_stacktoshi 9 Jan
I don't fully understand it (some kind of script in OP_RETURN) but each bidder burns their bitcoin bid, then the winner refunds all the losers.
https://spacesprotocol.org/paper/#auction-design
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