What is Ownership Renouncement in Solana?

The equivalent of "Ownership Renouncement" on Solana is turning off the "Mint authority" and "Freeze authority".

Solana's tokens have 2 important statuses:

  1. Mint authority - owner can mint tokens for any user.
  2. Freeze authority - owner can freeze the tokens in any user's account.

If these 2 parameters are empty, then we can say that the owner has renounced ownership.