Charles Hoskinson Develops Exciting Project; Potential Hurdle Identified in LUNC Token Burning Process: Summary of U.Today's Crypto News
Charles Hoskinson, the creator of Cardano, has embarked on a new project in Papua New Guinea, focusing on extraterrestrial objects rather than Cardano blockchain development. This venture, which took place in 2023, is part of Hoskinson's broader interests outside of Cardano, including longevity science and innovative technologies like glow-in-the-dark botany.
Meanwhile, in the world of blockchain, Cardano continues to demonstrate a high degree of decentralization. The platform boasts over 1,182,080 staked wallets, with a staking ratio of 72.63%. This is significantly higher than Polkadot's 52.4%, despite Polkadot having a smaller number of validators, with a total of 998.
In contrast to Cardano, Polkadot operates with a limit of 297 validators per era/epoch that can participate in the 24-hour validation process. Avalanche, another notable blockchain, has a staking ratio of 64.9%, making it slightly more centralized than Cardano.
Binance, a major player in the cryptocurrency market, has announced that it will not implement the burning fee, reducing the daily burning volume of a yet-unspecified cryptocurrency to $55,000 from the proposed $4 million.
In other developments, the XRPL blockchain is gaining attention for its ability to facilitate faster and cheaper Bitcoin transactions, according to the SpendTheBits team. This project, built on the XRP Ledger, has received support from the XRP community due to its major development aimed at implementing Bitcoin transactions and competing with the Lightning Network.
In the realm of Cardano, Hoskinson's primary focus remains on decentralized governance frameworks. His recent work includes the 2024 Voltaire and initiatives like the 2025 Wyoming Integrity PAC for stablecoin policy challenges.
Hoskinson also embarked on a "pan-African tour" in October 2021, visiting several African countries. Since then, Cardano has invested in several African blockchain and fintech start-ups, including Afriguild. The project details are not disclosed, but it could be a new Cardano project due to Hoskinson's past travels for similar purposes.
However, it's important to note that the Papua New Guinea project is not a Cardano blockchain project. Instead, it represents Hoskinson's diverse interests outside of Cardano.
In the market, a proposal to include a 1.2% burning fee on every transaction made on the LUNC network caused a market pump at the beginning of September. However, the LUNC rally was based on on-chain manipulation and a questionable proposal that may not have the desired effect on the token's market value.
For a project with a $3 billion market capitalization, the current burning volume is insignificant. LUNC's market capitalization is $3 billion.
Finally, SpendTheBits does not require Ripple's permission to implement the technology, further challenging the SEC's claims against Ripple and XRP. No information is provided about the current state or performance of XRP, Solana, or Ethereum in the paragraph.
- Charles Hoskinson, the creator of Cardano, has ventures outside of Cardano blockchain development, such as longevity science and innovative technologies like glow-in-the-dark botany, but his primary focus regarding Cardano remains on decentralized governance frameworks.
- In contrast to Cardano, Polkadot and Avalanche have slightly lower staking ratios, making them more centralized than Cardano, which boasts over 1,182,080 staked wallets.
- Binance, a major player in the cryptocurrency market, has announced a reduction in the burning volume of a yet-unspecified cryptocurrency, moving from a proposed $4 million per day to $55,000.
- The XRPL blockchain is gaining attention for its ability to facilitate faster and cheaper Bitcoin transactions, according to the SpendTheBits team, who are seeking to compete with projects like the Lightning Network.
- Hoskinson's Papua New Guinea project is not a Cardano blockchain project, but instead, it represents one of his diverse interests outside of Cardano.
- In the market, a proposal to include a 1.2% burning fee on every transaction made on the LUNC network caused a market pump, but the LUNC rally might have been based on on-chain manipulation and a questionable proposal with uncertain effects on the token's market value, while a project with a $3 billion market capitalization maintains an insignificant burning volume.
- Furthermore, SpendTheBits does not require Ripple's permission to implement its technology, potentially further challenging the SEC's claims against Ripple and XRP, but the current state or performance of XRP, Solana, or Ethereum are not mentioned in the paragraph.
