I don't like ipo coin, why don't you burn coins?
Now too many ipo coins alread!
To use proof-of-burn correctly it should be build on top of another cryptocurrency and use its blockchain.
This currency does not rely on any other cryptocurrency so there is no point in using proof-of-burn.
You are already relying on BTC, by asking for investment to be made using it.
You could also designate an unspendable BTC burn address (a la Counterparty), and at the end of the burn period manually check the deposits made; these deposits form the initial investors.
The benefits of this include:
- No way for developer to cheat the system by 'investing' using his own funds (using sockpuppet accounts or similar), and then immediately getting those funds back
- Demonstrates that developer is not simply looking at short-term profit (BTC IPO)