Cardano Team Working On Adding Token Burning Capability. Details

Cardano Team’s latest status update is showing that the addition of token burning capability on the blockchain is at the stage of being finalized.

In the latest weekly status update shared by Input Output Global (IOG), the details of the activities carried out by development teams over the week were highlighted.

Working on Cardano decentralization, the report says the Hydra team held a planning session and updated the Hydra development roadmap.

Addition of Token Burning Capability

The part of the status update for this week, which caught the most attention comes from the Cardano team for Adrestia. According to the report, the team has been working on a new transaction workflow, which will activate token minting and burning functionalities on the blockchain.

The status update reads as follows:

This week, the team continued working on finalizing a new transaction workflow to add token minting and burning capabilities. Work is ongoing in regards to cardano-js-sdk MVP, DB layer redesign, and a ‘light’ mode addition to cardano-wallet.

Likewise, the update says “the team inspected the options of token minting and burning within a Hydra Head along with scenarios of using tokens instead of datums.”

Hydra Now Running on the Public Testnet

Charles Hoskinson, the creator of Cardano (ADA), who shared the news of the launch of Hydra on the Cardano public testnet, described the product as one of the fastest and best pieces of applied research in the Cardano ecosystem.

In the screenshot captioned by Hoskinson in a tweet, the Cardano development team announced the launch of Hydra public testnet.

Sebastian Nagel wrote:

“Today, almost one year after we read the Hydra whitepaper [for the] first time back-to-back, we opened the first Hydra Heads on the Public Cardano testnet. This should be the first, which saw the full init, commit, close, & fanout lifecycle. This is a great accomplishment and it’s a pleasure to work with you @Arnaud and @KtorZ.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.