• Cardano founder Charles Hoskinson does not believe in token burning
• The Cardano network focuses on strengthening technology
• The update of the Cardano network is scheduled to take place on February 11th and 14th
Cardano, one of the leading cryptocurrencies, is set to enjoy a bullish weekend as Bitcoin has surpassed the $22,000 resistance area. Ethereum is on a similar trajectory, leading other top ten altcoins including BNB, XRP, and Cardano. Among these altcoins, Cardano is one of the top performers, having reached its all-time high in 2021 and maintaining steady growth since then.
The Cardano network has seen a significant improvement in its fundamentals and development activities, which many experts believe will further fuel ADA prices. The upcoming updates of the Cardano network are scheduled to take place on the 11th and 14th of February, which will introduce multi-threshold signature designs for Plutus smart contract developers.
However, Cardano founder Charles Hoskinson has recently shut down the idea of token burning. He believes that such a process would increase market volatility and make it difficult to predict the success of the network. He also stated that the Cardano network should focus on strengthening its technology, which would ultimately be beneficial for the long-term success of the network.
Hoskinson further explained that token burning would put too much strain on the network and would be an unnecessary burden. The Cardano team is focusing on creating a robust platform that can withstand the test of time and provide reliability to its users.
The Cardano network is currently in the process of transitioning from a Proof-of-Work consensus algorithm to a Proof-of-Stake consensus algorithm. This change will allow users to earn rewards for staking their ADA tokens. The network is also focusing on developing a decentralized finance platform and will introduce several features such as decentralized exchanges and lending protocols.
Overall, the Cardano network is making great strides in terms of technological advancements and is expected to be one of the major players in the cryptocurrency market in the near future. With updates scheduled to take place in the coming weeks, ADA holders are likely to experience an increase in the value of their tokens.