Charles Hoskinson, founder, and CEO of IOHK suggested to the Cardano developers to create a Proof of burn app for ADA. Anyone who wishes to burn ADA will be able to burn some of his coins first.
IOHK, the company behind the Cardano Blockchain, has a responsibility to look over Cardano and make it an easier and reliable Blockchain. Almost every person with a little knowledge of crypto knows that what’s the effect of burning any coin. Recently, Etherum got an update and price of ETH got a boom. Some critics and supporters of the ADA have been complaining about too much supply of ADA in circulation.
Charles Hoskinson got to his twitter handle and replied to the critics by suggesting that now is the time to deal with the people who are giving unfriendly suggestions. In a video, he shared a paper about the Proof of burn which suggests a way through which anyone can burn coins in a way that they will be unspenable.
Hoskinson summarized the paper in two points of which first explain generating the unaccessible address where coins will be burned and second which ensures that these addresses are unspendable.
Proof of burn app competition:
Proof of burn app should be built by the developers at Cardano learning to develop apps, suggested Hoskinson. He further said that he and his team would love to do that but due to Alonzo event ahead they don’t have the time. There will be competition of the apps developed and winner will be provided with the reward.
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