What Is the Process for “Renouncing Ownership” of a Mutable Contract?
Renouncing ownership involves setting the admin key to a zero address or a burn address, or transferring the admin key to a governance contract that has no owner (like a DAO with a time-lock). Once renounced, the contract becomes immutable, as no one can initiate further upgrades, which is a common step toward full decentralization.
Glossar
Ownership
Claim ⎊ The concept of ownership within cryptocurrency, options, and derivatives signifies a legally recognized or practically enforced right to control, benefit from, and dispose of an asset or contractual position.
Renouncing Ownership
Action ⎊ Renouncing ownership is the irreversible action taken by the initial deployer or administrative key of a smart contract to permanently transfer control to a zero address or a decentralized governance mechanism.