This Could Be A Price Catalyst That Pushes ADA Up To $10, Says The Modern Investor
Popular Youtube channel The Modern Investors updates with their subscribers the recent news on Cardano about proof-of-burn application that could drive ADA to $10.
According to the channel, the founder and CEO of IOHK, Charles Hoskinson, has recently addressed the community’s critics on the huge supply of ADA. In particular, he says that Cardano developers would create a Proof-of-burn app that allows anyone to burn ADA should they want to.
“Proof-of-burn has been used as a mechanism to destroy cryptocurrency in a verifiable manner. It allows anyone to destroy cryptocurrencies by sending them to an address from which they cannot be withdrawn or spent in any other manner,”
The crypto KOL then clarifies the mechanism of this process. Firstly, it would generate an unspendable cryptocurrency address to which crypto coins are sent and destroyed. And then, the mechanism would check that this address is actually unspendable.
However, Hoskinson also says that for the time being, he and his team could do that themselves because of the upcoming Alonzo fork on 12th September. Hence, he asks developers in the Cardano community to create this Proof-of-burn app and promises on rewarding the best one with his favorite NFT.