One-Way Peg

      A “one-way peg” is a mechanism used for sidechain projects which consists of publicly & permanently destroying crypto assets on one chain in order to create new crypto assets on another. Typically the process involves destroying assets be sending them to an unspendable address such as as a smart contract, the sidechain registering that activity & mints an appropriate amount of its own crypto assets, finally the sidechain balances a pre-specified account with the newly minted assets.

     This system is referred to as one-way because after the old assets are destroyed and the new crypto assets minted, there is nothing that can be done in order to undo the event. 

     Uni-directional pegging is reminiscent of the experimental “burning” crypto-economic process due to the existence of an unspendable address.

      Resources

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