Cryptocurrency Q&A
Can Cardano burn coins?
Can Cardano burn coins?
MysticGalaxy
Thu Jun 13 2024
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6 answers
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Could you please clarify for me if Cardano possesses the functionality to burn coins? I'm quite interested in understanding the mechanics of Cardano's blockchain and whether it allows for the destruction or removal of coins from circulation. Would such an operation be possible within the Cardano ecosystem? If so, what are the conditions or mechanisms that trigger such a burn? I'm also curious about the potential impact this could have on the overall supply and value of Cardano coins. Thank you for your assistance in addressing these inquiries.
6 answers
Sara
Sat Jun 15 2024
The CEX then takes responsibility for managing the unwanted tokens or NFTs. This may involve selling them on the exchange or handling them in another manner deemed appropriate.
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Riccardo
Sat Jun 15 2024
Cardano lacks a burning mechanism for tokens, unlike some other blockchain platforms. This absence necessitates alternative methods for disposing of unwanted NFTs or tokens.
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BenjaminMoore
Sat Jun 15 2024
A common approach is to send these assets to a centralized exchange (CEX). These exchanges provide a service where users can deposit their unwanted tokens or NFTs.
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BlockchainBaronessGuard
Sat Jun 15 2024
Once the tokens are received by the CEX, they credit the user with the corresponding amount of Cardano's native currency, ADA. This process ensures that users are compensated for their assets.
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QuasarPulse
Fri Jun 14 2024
Notably, there exists a specific type of address known as the "zero address." This address is characterized by a public key hash that consists entirely of zeroes.
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