Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Cardano founder announced the development of the Proof-of-Burn application for the ADA token

2 min read

One of the most important figures in the world of cryptocurrencies, who is behind the creation of the Cardano blockchain, Charles Hoskinson, calls on Cardano developers to urgently start working on the development of the application. Proof-of-Burn for ADA token. Hoskinson has had to respond to growing criticism of a huge supply of ADA tokens.

What is Proof-of-Burn?

Charles Hoskinson omitted the term from his Twitter account, where he directly addressed critics of the Cardano blockchain in a live video. According to them, the supply of ADA tokens is extremely high and it is necessary to respond to competition in the form of ETH. According to Hoskinson, the only way is to create a “Proof-of-Burn” application that would allow burn ADA tokens to anyone and in any number.

“It’s time for the Cardano community to deal with hostile proposals.”StormGain

How will the application work?

The Proof-of-Burn protocol is basically a kind of indirect process of burning tokens. Using the application, simply send your ADA cryptocurrencies to an address from which they can no longer be selected or used for other purposes.

The whole process can be summarized in two points:

  1. Generating the neutralization address of the cryptocurrency ADA, to which we send the tokens that were destroyed.
  2. A mechanism that verifies that the wallet address is indeed neutralizing.

When will the application be launched?

According to Hoskinson, the most ideal solution will be engage newcomers who are currently learning to create applications for Cardano. Creating a Proof-of-Burn application will be an ideal training for them.

With an important update coming up Alonzo Almost all experienced developers are extremely busy. At least until September 12, when this project is announced. Therefore, creating a new application is a chance for newcomers who can make themselves visible.

Hoskinson even promised the best developer a gift in the form NFT. It is a popular toy that often appears on live streams.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply