The crypto world is full of shitcoins and more are seemingly created every day. Unfortunately, these shitcoins are used by pump and dump groups to make a huge profit and leave smaller traders left high and dry. In a bid to clean up the cryptocurrency world and remove the shittest of all shitcoins, DestroyerDAO has announced its intentions to destroy all shitcoins. By using a new Proof-of Burn (PoB) algorithm and a Decentralized Autonomous Organization (DAO) it will slowly rid the world of these parasitic tokens.
Burn Baby Burn
How will DestroyerDAO Work? It’s actually quite simple. Anyone holding a shitcoin – a cryptocurrency deemed to be worthless – can head over to the DAO ecosystem and send these shitcoins to the DAO. From there the algorithm will burn the tokens using its PoB algorithm and it will issue the shitcoin burner with a fresh batch of DestroyerDAO tokens – GFY. These tokens can then be traded on a number of major exchanges into other cryptos and even cash. Think of it like taking your garden waste to a giant public bonfire where you get paid to burn your trash.
Can I Burn Anything?
There is no set list of shitcoins and each holder of a token can decide whether they believe the token is a shitcoin or not. While burning Bitcoins in DestroyerDAO would be a nonsensical idea, there is no doubt that Craig “Faketoshi” Wright will probably burn a few just to prove a point. For those of you who took part in the YoBit free crypto faucet, there is finally a chance your you to offload that hoard of shitcoins you amassed on the world’s most pointless exchange. Simply send them over to DestroyerDAO and get your hands on a decent token – you know you want to.
Ending Scam Projects
During the crypto and ICO boom of 2017, new projects were created an astounding rate, with many of those being fake or scam projects. These fake and scam projects have left crypto holders with piles of useless tokens that are literally dead. In a bid to give these holders some restitution and to prevent scam projects from ever surfacing, DestroyerDAO is doing its part for the crypto community. The DestroyerDAO project explains:
The hope is to create a balance within the ecosystem that prevents the future creation of scammy projects by providing signals and consequences ahead of time. Our hope is investors will ultimately ask, will this new token overvalue the DestroyerDAO token.
So, you can finally offload that pile of shitcoins you have stored in your basement and rejoice as you watch them go up in flames. Spend your new GFY tokens on something fun, like a brand new lambo or even a big sparkly hunk of carbon for that special person in your life.