Kim Schmitz, better known as Kim Dotcom, the controversial tech entrepreneur and founder of Megaupload, recently stirred the cryptocurrency world by proposing a “killer app” to Charles Hoskinson, the visionary behind Cardano (ADA).
This exchange occurred amid the ongoing debate surrounding the burning of ADA coins, a topic that has sparked considerable attention within the Cardano community, particularly following the Chang upgrade.
Dotcom’s comment was delivered on X, where he offered his assistance to Hoskinson.
“You need a killer app, I do killer apps,” Dotcom stated, implying that Cardano’s ecosystem could benefit from a revolutionary application. In Hoskinson, in a straightforward response stated, “I’m down,” suggesting openness to the idea.
Notably, Kim’s proposal came in response to a tweet by Hoskinson, where he addressed his critics, touching on his decade-long journey with Cardano.
“One of the deepest lessons I’ve taken to heart over the past decade is that becoming a public figure means you turn into a human Rorschach test,” he reflected. He noted that detractors often misinterpret his statements and actions, particularly regarding the ongoing ADA burn debate.
According to Hoskinson, destroying ADA coins would essentially be “stealing from every staking pool operator (SPO) and every ADA holder.” He emphasized that ADA tokens are not printed assets but are generated from block production and economic activities on the network.
Hoskinson further elaborated on Cardano’s technical accomplishments, describing them as “one of the greatest technical achievements in human history.” He explained that the decentralized system operates across over 100 countries and has never experienced downtime, continuously evolving through seamless upgrades without central coordination. In his view, Cardano’s governance model is robust and alive, with the capacity to grow and sustain itself indefinitely.
“Cardano is now a governance virus that is living, self-replicating, and self-sustaining… nothing can shut it down,” Hoskinson said.
That said, Kim’s proposal comes when Cardano is experiencing renewed scrutiny regarding its governance and tokenomics, especially in light of the ADA burning debate. Burning tokens, a process that reduces the total supply to create scarcity, has been a hot topic among some in the community, who argue that it could bolster ADA’s price by introducing deflationary pressure. However, Hoskinson has remained steadfast in opposing token burns, arguing that it would harm the network’s long-term sustainability.
Meanwhile, as the debate over burning ADA tokens rages on, whether Kim can develop the groundbreaking app he envisions remains to be seen. If successful, this app could transform the ecosystem, significantly boosting ADA’s utility and appeal and potentially driving up its price.
