Potlatch | About

Introduction

As we approach the third anniversary of the Internet Computer Protocol (ICP), we stand on the threshold of a new era of decentralized technology. To celebrate this milestone, we propose a communal act of symbolic significance rooted in the ancient tradition of the potlatch. This calls upon the ICP community to contribute to a "cycles sink," an event where we collectively donate ICP tokens to be transformed into cycles which are then burned in a grand symbolic (virtual) bonfire.

The Tradition of Potlatch

The potlatch, an age-old tradition practiced by indigenous peoples of the Pacific Northwest Coast of North America, is a ceremony where possessions are given away or destroyed, to display wealth, strengthen social bonds, and enhance communal prestige. By giving away or sacrificing their most valuable possessions, participants in a potlatch demonstrate their strength and dedication to the community.

The Cycles Sink: A Modern Potlatch Lighting ICP's 3rd Birthday Candle

In the spirit of the potlatch, we invite the ICP community to participate in a cycles sink. By donating ICP tokens to be burned in a symbolic bonfire, we make a collective offering that honors the power and potential of the Internet Computer Protocol. This act of generosity symbolizes our willingness to sacrifice individual wealth for the greater good of our community, showcasing our unity and dedication. Additionally, this virtual bonfire serves as a grand candle to celebrate ICP's 3rd birthday.

By contributing our tokens, we light a symbolic flame that not only commemorates three years of innovation and growth but also ignites our hopes and aspirations for the future of the Internet Computer Protocol.

FAQ

How to Get Started?

To participate in the Potlatch event, you need to have an Internet Identity and some ICP tokens (no need to start with 1 ICP, 0.01 is enough to test it out). Once you are logged in, a unique account will be created for you. You can deposit ICP token into this account from any wallet. You do not control this account, the canister does! Once you have deposited ICP tokens, you need to notify the canister (smart contract) that you have deposited tokens, this can be done by pressing the convert button below the balance. This will convert the ICP into cycles, ready to be burned.

What happens to the ICP?

The ICP tokens are converted into cycles and burned. This means that the ICP tokens are removed from circulation and the cycles are destroyed. This is an irreversable action and cannot be undone.

You can track all the transactions by clicking on your account id on the home page. All the transactions will end up on the burning account of the canister.

How was this built?

It was build over the weekend of 18-19 May 2024. This is by no means a finished product, but a proof of concept. A fun gimmick to celebrate the 3rd anniversary of the ICP.

There is one design desicion that was made to make the project easier to build, which is that only one action can be done at a time. This means that if someone is converting ICP to cycles, you cannot burn cycles at the same time. This was done to simplify the project and make it easier to build, it ensures that the cycles burned and deposited are always accredited to the correct account, read more here.

This project consists of ~400 lines of vanilla TypeScript (+ the JS Agent) and ~300 lines of Motoko.

Can I deposit cycles with a canister?

Yes, you just have to call depositCycles with cycles on zxboy-5aaaa-aaaam-acngq-cai with the principal you want to deposit cycles to. Make sure you have access to the principal through the frontend.

Any Further Questions?

If you have any further questions, feel free to reach out to me on Twitter.