Burning ADA, according to Charles Hoskinson Cardano creator, is on par with stealing groceries or stealing someone’s wife, among other things.
One of the viewers of Charles Hoskinson‘s ask-me-anything session recently expressed interest in the concept of deleting a portion of Cardano’s supply for the sake of scarcity, and Hoskinson reacted angrily and angrily.
Hoskinson stated unequivocally that the idea was the result of the user’s “greed and stupidity”:
We are so glad that you can tell us that we gotta destroy other people’s money so that you can make a little extra money and then sell the ADA and move on to something else.
Coin-burning, Hoskinson continued, was comparable to stealing food from a supermarket, pulling gasoline out of other people’s automobiles, or snatching someone’s wife, among other things.
There is a maximum quantity of 45 billion ADA available in Cardano, which some opponents say is excessive. Bitcoin, on the other hand, has a fixed quant ADA ity of 21 million coins, which is comparable.
It was recently reported by U.Today that Hoskinson has invented the “Proof of Burn” mechanism, which would enable anyone to destroy their own ADA tokens by sending them to an unspendable address.
This past November, the Stellar Development Foundation destroyed a total of 55 billion Stellar Lumens tokens, which were valued at a stunning $4.7 billion at the time of the burn.
Binance, the largest cryptocurrency exchange, destroys its BNB tokens on a quarterly basis based on trading volumes.