I watched both videos and I am sort of confused with the concept of how the testnet would stay alive.
Right now, the plan is for tADA rewards to transfer to mannet with 1:1 correspondence.
- How would existing tADA become a true token that is tradable on exchanges as those tokens would be just appearing out of thin air (no ICO) and pre-mined OR are those coins just given to us by nature of participating in the ITN and the market decides their worth (kind of like the hard forks of other chains do).
- Would all tADA remain on the chain (snapshot coins), or just rewards (12.8 Billion) vs (amount minted with ITN) and what would the max supply be?
Charles explained that splitting the chain (different components on each) could affect Cardano’s value (2 products instead of 1), which I think is a horrible idea. By the same token, I am fully on board with the ITN being re-purposed to help test new development (e.g., governance with Voltaire, smart contracts with Gougen, or sharding/hydra with Bashio).
I just have no idea where the funding comes from, unless the treasury of Cardano (main chain) sends a percentage of transaction fees to fund the secondary chain by being interconnected like ERC-20 tokens are to ETH.
Thank you in advance to anyone that can shed light on this for me.
***Edit: I watched the video again and got some insight
- the plan isn’t for a new coin to be created (hard fork), the vote is just to extend ITN for another month (taking those coins from the back end of the mint)
- the tADA could be utilized for a planned defi application that could live side by side with Cardano (I imagine something like beefchain or colored ADA)
Sorry for my misunderstanding, but I will keep this post up just to show my thought process.
Cardano community is earnestly waiting for the implementation of smart contracts functionality on the Cardano network. This is a viable development expected to bring the emerging smart contract platfo...