CEO of Cardano, Charles Hoskinson, urges Cardano developers to create a Proof-of-Burn protocol for ADA. This comes amid ADA critics.
IOHK, Charles Hoskinson's other company, which is behind the Cardano blockchain, responded to the critics about Cardano (ADA) supply on Twitter.
According to the post, the CEO suggested Cardano developers to create an app that would let anyone burn ADA as they want to.
Charles mentioned in a video the crypto Twitter community says every time that Cardano should burn some tokens since the ADA supply is “too high”.
Further, Hoskinson said that whenever somebody would again talk about burning some ADA, he would send them the unspendable ADA address for coin destruction and allow them to contribute by burning some ADA first.
In addition, he noted that it is time the Cardano community shows the capability of ADA to deal with that sort of hateful suggestion. Following this, Charles described the “Proof of Burn” mechanism that lets anyone destroy cryptos by permanently removing them from circulation.
During the Livestream, he also shared his computer screen, showing a paper with many cryptography experts from IOHK and the Cardano community.
Moreover, Charles stressed that this article is a formalization of the Proof-of-Burn protocol. The document describes this mechanism as follows:
Generating an unspendable crypto address to which crypto coins are sent and thus destroyed;
A mechanism that checks that this address is unspendable.