I read a lot about burning XRP lately, especially burning the XRP in escrow. I don't want to discuss if it must be burned or not, but i am curious about what it is exactly and how this can be executed. For this, I have found two tweets from David Schwartz (Ripple CTO):
And: "XRP Ledger amendments require an 80% approval rating from the ledger’s validators. If an amendment stays above that threshold for two weeks, it is activated."
So, i read three options:
Paying it as a fee
Sending it to an account whose public key hash has insufficient entropy to have a corresponding private key anyone could ever find.
If the community wants it
But what does it mean exactly? How can it be executed? Are there any other options?
And what does 'burn' mean? Does it decreases max supply, or is it just that this XRP still exists but can't be accessed anymore? If I have lost my secret key, is my XRP 'burned'?