• Cardano founder Charles Hoskinson does not believe in token burning.
• The Cardano network is focusing on strengthening its technology.
• The Cardano network is scheduled to receive an update on Feb 11, 2021, and another update on Feb 14, 2021.
As the cryptocurrency market continues to heat up, many altcoins are looking to join the bullish momentum that Bitcoin is currently leading. Among these altcoins is Cardano, whose ADA token has seen an all-time high back in 2021, but has since not been able to reach that level again. Despite this, the Cardano network has been steadily building its technology and continues to be one of the most promising projects within the crypto space.
The Cardano network is set to receive an update on February 11, 2021, which will introduce multi-threshold signature designs to smart contract developers on Plutus. Three days later, on February 14, 2021, the network will receive another update. While the updates are expected to fuel ADA prices, Cardano founder Charles Hoskinson has recently spoken out against the idea of token burning.
Hoskinson believes that token burning, which is a mechanism used to reduce the circulating supply of tokens, could lead to market volatility. Instead of token burning, he believes that the Cardano network should focus on strengthening its technology. This is why the team is investing their efforts into creating robust, secure protocols and developing user-friendly applications that make the Cardano network more accessible.
By investing in technology, the Cardano network is looking to build a strong foundation that will enable it to reach its full potential. Although there is no guarantee that the updates will bring about a surge in ADA prices, the network is certainly on the right track in terms of development and adoption. With the team’s continued dedication, Cardano could become a major player in the crypto space in the coming years.