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❕NEWS Charles Hoskinson Pushes Cardano Team To Develop ADA's Proof-of-Burn App.

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Cardano is no doubt making life more comfortable for the ADAi Investors . The recent development is that the Founder and CEO of IOHK, the company behind Cardano blockchain says a new app will be developed that'll allow anyone to burn ADA, he said this in response to cardano's critics on twitter. He showed a Proof of Burn mechanism that allows anyone to destroy cryptocurrencies when sent to an address where it can't be withdrawn or spent. Hoskinson notes developers are already learning to make this app on Cardano.. Share your opinion.
 
I can't seem to understand how this would work. I thought the developers are the ones to burn coins to reduce supply and I think it makes better sense that way.
Not the entire supply but if you mistakenly sent a coin to an address not intended for , you can easily burn the amount sent.
 
I think what happened here was the fact that users have been demanding that Cardano should burn some of their ADA to improve the supply
 
I think what happened here was the fact that users have been demanding that Cardano should burn some of their ADA to improve the supply
This might be a good move to boost the price of Cardano though this call is different from the proof of burn mechanism the team is working on.
 
This might be a good move to boost the price of Cardano though this call is different from the proof of burn mechanism the team is working on.
It is the same . If you read the main article you will understand that the proof of burn is meant to give people opportunity to burn ADA themselves.
 
It is the same . If you read the main article you will understand that the proof of burn is meant to give people opportunity to burn ADA themselves.
Alright I will definitely do that so I'm thinking that given that privilege may not really be a good one if they can burn from the total supply and you think it will have any effects in the price.
 
Is this good for ADA price?
If every body can burn their own cardano (which i though it was a developer job) then the supply will be more less in the market.. Will this effect the price?
 
It is the same . If you read the main article you will understand that the proof of burn is meant to give people opportunity to burn ADA themselves.
Why the need for people to burn the coin themselves when the developers are meant to do it? How would balance be kept to avoid either 'over'burning or 'under'burning?
 
Why the need for people to burn the coin themselves when the developers are meant to do it? How would balance be kept to avoid either 'over'burning or 'under'burning?
That is my concern too though I have not had time to read up more details but I think it will be better to burn coins sent to wrong address.
 
Alright I will definitely do that so I'm thinking that given that privilege may not really be a good one if they can burn from the total supply and you think it will have any effects in the price.
What they can burn is what they have in their wallet. Is like he is trying to tell investors that it is not only coin creator that can burn a token.
 
What they can burn is what they have in their wallet. Is like he is trying to tell investors that it is not only coin creator that can burn a token.
Alright but of what reason or value will it have for an investor and holder of cardano to burn the coin that is in his or her wallet that is the point.
 
Alright but of what reason or value will it have for an investor and holder of cardano to burn the coin that is in his or her wallet that is the point.
To the person that will burn the coin , he will lose the amount he burnt but the burning will reduce the CIRCULATING supply thus increasing the price of the coin
 
That means we are still saying the same thing because the most reason why people might burn the coin is if sent to wrong address except if whales burn to boost the price as you said.
 
I think what happened here was the fact that users have been demanding that Cardano should burn some of their ADA to improve the supply
I mean why would the ada investors want to burn their own coins? That's not a logical thing to do.. we buy coins to earn from it not to burn them for nothing.m burning should be the teams behind it to do
 
I mean why would the ada investors want to burn their own coins? That's not a logical thing to do.. we buy coins to earn from it not to burn them for nothing.m burning should be the teams behind it to do
Like I said two reasons are possible for burning the coin 1) if the coin is sent to a wrong address 2) if strong whale has enough coin he or she can burn it to reduce it supply and increase the price but no doubt the whale will be loosing coins too which may not be ideal.
 
Like I said two reasons are possible for burning the coin 1) if the coin is sent to a wrong address 2) if strong whale has enough coin he or she can burn it to reduce it supply and increase the price but no doubt the whale will be loosing coins too which may not be ideal.
Isn't sending to the wrong address avoidable? Usually if you paste or type an address it will detect if the address is wrong or something. I guess they can offer a reward to those who burn
 
Isn't sending to the wrong address avoidable? Usually if you paste or type an address it will detect if the address is wrong or something. I guess they can offer a reward to those who burn
You are right, it is possible to even detect wrong address, probably rewarding people for Cardano burn will be better though need to burn transactions may be needed especially if you discover you have been scammed.
 
You are right, it is possible to even detect wrong address, probably rewarding people for Cardano burn will be better though need to burn transactions may be needed especially if you discover you have been scammed.
Yup.. i guess it will work that way since there's no way normal coin owners will burn their coins just to help it rise a bit since a good promotion do the same thing
 
Let us just keep watching how the app will be when it is launched I believe the team behind the Cardano are very creative and they will do it in such a way that we will like it.
 

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