Largest burning event in ICP history 🔥

[FranHefner]

Hello #community, Developers, #ICParmy, #ICPeople, #DFINITY Team !

I think everyone who fills the different roles is doing their best…

I want to give shape to an idea that I have been thinking about for quite some time.

We need an event where support for the blockchain can be shown in a consistent, real way and that generates an impact to gain attention outside the blockchain. We need all of us to contribute to this event. This will help to immediately reduce inflation and give it the necessary impetus to change the price trend. I know it takes a lot of ICP burning, but it may just take a little effort (butterfly effect)

I know that it is something superficial, that the main thing is to contribute with developments and technology, which is what ensures the future of ICP, but that does not mean that these types of ideas have to be discarded.

I think the best way is for everyone to help by burning ICP. In other blockchains it would be sending to 0x000000, in the case of ICP, the foundation (to make it even more transparent and secure.) could offer an address where everything that reaches that address is burned (not left in cycles, simply burned and that is added to the dashboard graph.). edited: adress burn: 082ecf2e3f647ac600f43f38a68342fba5b8e68b085f02592b77f39808a8d2b5 (thx skilesare)

The main motivation is to help without anything in return. We can think of an additional motivation that by burning ICP you can earn ICP (%20 of the total collected). Something like a raffle.If 100 thousand ICP were to be burned. 20 thousand could be raffled among 10 lucky people (this can be changed, I’m giving you an idea).

100 thousand ICP is a little less than everything that has been burned so far!

If we get 10 thousand participants and each one burns 10 ICP, I think it would be a lot! The most important thing is that it would generate FOMO, motivation, looks among the other blockchains. A marketing strategy to consider.

Most of the projects raised 600 thousand ICP, I think I am not very pretentious, even more knowing that it will immediately help the entire ecosystem, helping marketing and reducing inflation.

Example

I accept all kinds of opinions. I want to collaborate in some way and I believe that this would be one of the most direct ways and that it would benefit us all.

Thank you very much for the space!

[icper]

I agree with your approach and I will get involved!

There are also the following methods that I think are feasible, but I haven’t thought of them yet! But I think it’s time to take action

Increase fees to expand combustion to prevent death spirals?

I think it’s time to look into this topic to prevent the death spiral from happening, don’t you think? Is it feasible for us to discuss this in the face of ongoing FUD? In response to the market rebounding while ICP has been falling? I am not a technical expert and I don’t know how to operate it. I hope I can know the feasibility of this method and solve the death spiral!

Yes! I think the dfinity foundation can discuss how to add some methods of burning ICP. Our wish has not been realized yet!

[skilesare]

Just FYI, the burn address for ICP is 082ecf2e3f647ac600f43f38a68342fba5b8e68b085f02592b77f39808a8d2b5.

for ICRC1 it is

{
owner = principal "rrkah-fqaaa-aaaaa-aaaaq-cai";
subaccount = null;
}

[FranHefner]

@icper

I agree with your approach and I will get involved!

There are also the following methods that I think are feasible, but I haven’t thought of them yet! But I think it’s time to take action

I think it’s time to look into this topic to prevent the death spiral from happening, don’t you think? Is it feasible for us to discuss this in the face of ongoing FUD? In response to the market rebounding while ICP has been falling? I am not a technical expert and I don’t know how to operate it. I hope I can know the feasibility of this method and solve the death spiral!

Yes! I think the dfinity foundation can discuss how to add some methods of burning ICP. Our wish has not been realized yet!

Thanks for the support ! I also think you should provide a more developed solution. Personally, I think that in the future I will develop an application related to this topic.

@skilesare

Just FYI, the burn address for ICP is 082ecf2e3f647ac600f43f38a68342fba5b8e68b085f02592b77f39808a8d2b5.

Thank you! When looking for the address I found this, it is used for other things from what I see.

demergent-labs/multisig_vault/blob/main/README.md

Creating a canister through the HTTPS api without the nns-ui?

What is the Ledger .minting_account_id ?

That’s why my idea can be developed but more related to betting where the largest amount of ICP is burned and you can also win something for participating.

Thanks again for your response!

[skilesare]

It is the minting account controlled by the ICP ledger canister. Tokens sent from the address are minted(only the canister itself can do this) and any tokens sent there are burned.

[Bugslayer]

Good initiative, I will participate aswell.

[gatsby_esp]

lol crypto bros don’t even know basic economics

[sea-snake]

For a moment I thought you listed a personal ICP address here