Cardano founder Charles Hoskinson has a YouTube channel that he uses to post the latest updates, progress reports, and news concerning the Cardano network. He recently addressed a major issue that is often criticized by the stakeholders. Very often, some investors of ADA demand that the IOHK team need to find a way to dispose of the extra ADA tokens as the supply is very high.
Speaking on the matter, Hoskinson remarked that the company experts have been discussing the option for a long time. He went on to present some white papers that propose the use of a proof-of-burn mechanism. Hoskinson further added that since the team is occupied with the Alonzo upgrade, they do not have time to divert their attention to a new project. However, he invited the Cardano network developers to contribute.
Alonzo Upgrade will Make Permanent Changes in the Cardano Network
Charles Hoskinson left the Ethereum development team due to some reservations on the matter. He is one of the co-founders of the Ethereum network. However, he later on accepted a position at IOHK as CEO and founded a new blockchain network called Cardano later on. Currently, Cardano’s native token is next in line to Ethereum on the global crypto leader board.
One unit of Cardano is valued at $2.19, whereas one unit of ETH is valued at $3286.7. Therefore, many stakeholders are worried that this match is uneven due to the massive supply of ADA tokens. Keeping in mind the vast gap between ETH and ADA, Charles Hoskinson posted a new challenge on Twitter called the proof-of-burn challenge.
This is an invitation for Cardano developers to enter into a development contest hosted by the network founder. Many developers think that working on Cardano after the Alonzo upgrade is going to be an unpopular choice. Cardano has decided to choose Haskell as the programming language after smart contracts deployment. However, Cardano founder Hoskinson is trying to address this issue by hosting a developer’s contest for creating the proof-of-burn application.
He also announced a prize for the winner that is a lobster, a toy NFT owned by him. He also added that the investors who have an issue with the high concentration of the ADA tokens could use the application to send the coins to an un-spendable network. He also offered to contribute ADA from his holdings as well.