I had seen the start of Ethereum till now. It was amazing and still is. But thanks to the ease of creating tokens, 80% of rubbish tokens were created on them, I feel that it somehow brings the reputation down. Will Cardano faces such a problem or will there be some sort of moderation or filter?
As currently envisaged, I don’t believe so, it is intended to be a fully decentralised, public blockchain.
If someone doesn’t like a token, they don’t have to use it. It’s not the useless tokens that define the usefulness of a platform, but the amount of good projects built on it.
That reminded me of this ‘Haskell is Useless’ video. https://youtu.be/iSmkqocn0oQ
I love SPJ’s enthusiasm
The same thing that everybody seeks, decentralisation, it’s quite probable to have a lot of coins that has no value ( Basically scams! ) and if cardano is truly decentralised could not stop creating a lot of coins…
so just we have to deal with this thing but yeah you’re totally right @Boon_Chuan_Lim
I would expect that there are not so many garbage tokens, since seeing what happened in Ethereum with the tokens I think that Cardano could take measures so that the tokens have a functionality and not only for telling the world “I am the creator of the token called wacky”
I see this as the issue with descentralizing. It’s easy to keep things “under control” when you have a party controlling it. See Binance blockchain, that supports tokens but requires Binance approaval to create one. Yes, few amount of tokens and high relevance on them makes the blockchain look more “organized”.
But if we want it descentralized, who would have the authority to authorize token creation? One would need the community to vote for it?
For sure, one of the factors that made ETH popular was the easiness of creating tokens on it. Any time somebody creates a token and uses it on some actual use case and that brings users to that usage, it’s also bringing users to ETH blockchain and eventually these users will need or just want to buy some ETH itself, and will be closer to use other tokens.
The problem I see with tokens amount overflow is they bloating the blockchain with low value transactions. I know Cardano wanna make Ada blockhain size more scalable, but IDK how that is or will be implemented.
IDK how token creation is done on ETH. On Waves, we need to pay 1 Waves fee to create a token. And any time a token value is moved from an address to another, we pay a fee (0,005 Waves I think). Then, anybody is allowed to create and use tokens, but has to pay for that. One is either willing to spend the money, or will use that token on some business that will profit and pay for it.
I think the idea of the community voting on whether or not a token is born on the Cardano blockchain is great. It could be done through stake ADA for the vote.
Either charge a fee to the creator because the touch runs on the blockchain, or demonstrate that the Smart Contract has enough ADA to cover the fee of the initial transactions.
It is an idea only.
Are you kidding? Anybody should be able to create as many tokens as he/she/it wants
if he/she/it has enough ada for the fees. The permission-less blockchains are all about to eliminate the weakest link, i.e. us the humans, from the system.
And luckily EUTXO-2 allows it.
If we look on other networks, ETH is very hard for creating a token, it requires developing some code. Waves makes it very easy, we can create new token directly from our wallet and pay 1 Waves fee.
I think we just have to avoid bloating the blockchain with useless tokens, having lots of ppl creating tokens just because they can. I think then that token creation should be as easy as in Waves, but requiring a more expensive fee to do that. If that token is rly worth it, ppl will have the fee easily returned or will be rly willing to pay for it. A fee around 30 USD.
I totally disagree to allow one party to deny another party from creating a token.
In Cardano, it will as simple as in Waves, but you would need to have some pledge and fees too for token creation. But, anybody who has enough money then he/she can generate as many tokes as much money they have. Also, a token seems useless to you it can have value to others, even dollar has this characteristic. Ask an indigenous person in Amazon about our very beloved dollar.
Yes, USD is forbidden to be accepted in stores, still R$ is in a so damn downfall that I’m moving my R$ to DAI and USDN
When we talk to indians and ask them how we could help them, they answer they want money, and that’s it x.x
Anyway, I meant precisely the POV of the person creating the token. If he has some project to use it and this project will profit, he won’t care paying the fee. And if a person rly want a token, he’ll just have to pay for it.
Maybe some kind of proof of value. Rules to validate the actual value of a given token by measuring how the token has been used. This would have to be public and with well know rules. Associate this with a quorum for voting scam or not, has potential or not.