Burn - Reclaim collateral

Returning tokens from SmartPiggies

Whenever a piggy is created, it must be destroyed. This can happen just after creation or upon completion of the piggy life cycle. If a writer creates a piggy that has some mistake, like a mistyped parameter for instance, and the writer does not want to auction the piggy, she may burn the piggy, thereby deleting all the parameters and reclaiming the collateral that was sent to the piggy. In this scenario, the writer will still need to Claim the collateral from the SmartPiggies smart contract, but the piggy will cease to exist. $^1$

After a piggy has been settled, the piggy can be burned as well. All of the parameters of the piggy will be zero'ed out, and the piggy will be burned, whereby no further action can be taken with regard to it.

To Burn a piggy, navigate to the Advanced Functions tab from the drop down panel on the row of the desired piggy.

The drop down panel can be accessed by clicking the switch located to the left of the piggy ID, and then navigate to the Advanced Functions tab to view the Burn button:

Then click the "Burn" button:

The piggy will be "burned" and deleted. If any collateral exists in the piggy, it will be returned to the writer, to be claimed. $^2$

Footnotes

1 The record of the piggy will exist in the contract as a zero'ed piggy, but all reference to ownership and associated collateral will be removed. The piggy is effectively deleted, it isn't active, can't be auctioned, cleared, settled, nor transferred.

2 There are a handful of circumstances when a piggy can be burned and when a piggy cannot. If the writer has never successfully auctioned the piggy, the writer can burn the piggy to reclaim the collateral. Consequently, a holder who requests a piggy, can burn it, if she decides the piggy is not worth auctioning. This will return the premium to the holder.