(1) Candle token is built on Candle Chain, a scalable network for such applications and tokens. It is used in conjunction with the (2) web app to allow users to burn their tokens by pressing on the (3) Burn button and typing their message into the message box. The (4) Candle Smart Contract is deployed on Candle Chain, and is the formation and logic behind the Candle token. The (5) Candle Burn smart contract is our custom built solution for allowing the functionality of the Burn button and message box mentioned earlier. After a burn and accompanying message are on the blockchain, the (6) Candle Burn Explorer fetches all instances of this and displays it and other useful information on a webpage, allowing users and others to visualize and see data and history. (7) Candle CVI is the Candle Confession Volatility Index, which is tracked against the use of the burn function and messages that are categorized as confessions.
How do the components, steps or elements of your invention work individually and together to cause the whole invention to perform its desired function?
Candle token is required to initiate a burn and to use the platform, which is checked by utilizing a web3 connection to their preferred supported wallet. If the token is located within their wallet, then they are allowed to continue using the platform. They enter how many tokens to burn, and they type a message. After this is done, they press the burn button, which will transmit this data to their web3 wallet and ask them to sign a message authorizing the use of their tokens and with the parameters they inputted earlier. If this is accepted by the user, it will then be transmitted across the network they're on (such as Ethereum) as a transaction and be validated. Once this is complete, the action is done, and the data is stored on the blockchain. The candle explorer will automatically query all of this data from the blockchain and display it using an api connection to the smart contract deployed on the same network.