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Cardano Contributor Teases Major Developments for ADA Payments

Mon, 01/16/2023 - 09:38
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Gamza Khanzadaev
Adam Dean unveils key efforts in ADA payments field
Cardano Contributor Teases Major Developments for ADA Payments
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Cardano crypto ecosystem contributor and developer Adam Dean has revealed the details of work on CIP-30. The Cardano improvement proposal is needed to bring web page interaction functionality to Cardano-based hot wallets, creating a bridge between crypto asset storage and decentralized applications.

One such wallet in particular is Cardano Mercury which, among other things, is also a direct payment gateway between the consumer and the vendor for WooCommerce, the largest e-commerce web platform.

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As Dean stated, big things in this direction are on their way, which means that, perhaps soon, CIP-30 will be activated, and users of wallets supporting the improvement will be able to pay in ADA for goods and services offered on WooCommerce.

The developer has also revealed a little more about the mechanism. So, if you are a vendor, all you have to do is set the prices in fiat, and then the payments will be automatically credited to ADA, which will then come to your wallet. If you are a buyer and want to pay in ADA, however, the conversion will be reversed, depending on the seller's preference.

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No Cardano burning, as for now

Dean also responded to a question about the possibility of native asset burning on Cardano. Concerns in this field have been caused by spam tokens that are sent out to addresses and are difficult to get rid of. As explained by the developer, there are no such solutions at the moment, as this involves ADA co-burning.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.