The renounceOwnership function in the Ownable contract allows the current owner to relinquish their ownership of the contract. Once executed, the contract will no longer have an owner, disabling any functions that are restricted to the owner.
Inputs
None: The function does not take any input parameters.
Outputs
None: The function does not return any values.
Emits One Event
Functions will often emit events during execution, often signifying key changes in state.