As it looks now it will be in a few weeks Cardano (ADA) the important one Deploy Alonzo update. This update brings smart contracts to Cardano and so developers can from that moment on develop decentralized applications (dApps) on the network. The project’s founder, Charles Hoskinson, therefore now presents a challenge for developers.
Hoskinson is often asked on Twitter to join ADA burners, or destroy. Burning is a popular way to measure cryptocurrency owners. Binance coin (BNB) is one such network. Binance buy large amounts of BNB every quarter and then destroy it. As a result, the BNB stock becomes smaller, often resulting in a rising price.
And since the number of ADA in circulation is relatively large, many ADA owners hope Cardano will do the same. Hoskinson himself has often stated that he does not want to do this, but is now challenging developers to develop a dApp that can do this. Then whenever Hoskinson or Cardano supporters are confronted with someone asking for ADA to burn, one can refer to this dApp:
“Then we can forever if someone asks for an ADA burn, just send this application and say ok, you make the first contribution and burn your own ADA?”
According to Hoskinson in a video yesterday. ADA owners can always destroy their own ADA, but the big question, of course, is whether anyone will ever do that. Burning crypto often has the sole function of increasing the value of the crypto that is still in circulation. And that is of course not of much use to you after burning your own ADA.
Cardano occasionally faces criticism for slow progress. Therefore, Hoskinson himself was challenged in July to place a bet of $50,000. If Cardano were to launch smart contracts before October 1, the founder would win the bet. It recently became clear that he won this bet.
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