ADA smart contracts takes off to a shakey start
Cardano's smart contract launch has caused a significant backlash from its community resulting in many leaving the network. At current it isn't certain if Bitcoins plummet to $US43,000 and recovery to $US47,000 has resulted in the brunt of the Tokens decline but critics are labelling Cardano's Alonzo smart contracts launch on testnet a failure.
Concurrent Transaction Processing
Source
The failure arose as Cardano launched its Decentralised Exchange the first smart contracts on it's platform ADA. Users were met with an UTxO error message as they attempted to transact on ADA's Decentralised Exhange Minswap.
The issue was identified as Concurrent Transactions which are the base of Decentralised Finance.
Critics were quick to turn to Twitter to express their frustrations at Cardano which has spent 6 years researching block chain technology and had rallied to 3rd position at $US90billion market cap. Community expectations for ADA's performance was alot higher. Considering that ADA was being developed by a former Ethereum developer it is upsetting that this experience hasn't transitioned to a functioning product.
Testnet
It's important to note that the errors occured on ADA's testnet and not mainnet so developers were in the process of running tests on the block chain to identify problems that may arise within their code.
But critics took aim at Cardanos UTX code which only enables one transaction per block. Cardano was quick to defend its choice stating that the code enables more security and faster speeds.
The statement was rebutted by critics who state that Ethereum did not pursue the code due to its limitations and this will infact damage Cardano.
The ADA team released a blog post which can be read Here which outlines their decision to use UTXO as the main code for transactions.
Source
Cardanos Market cap has taken a hit dropping to $US80 billion but as stated previously these figures are not conclusive of issues that have presided over the testnet issues and Bitcoin has treated back to $US47,000.
What are your thoughts, will ADA emerge as a top block chain or are the test net issues a sign of more failures to come?
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https://twitter.com/MrtatsH/status/1435409803443068929
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There will always be bumps when testing stuff out.
Not to mention, the said dev team for the dapp wasn't well-versed in the new system.
https://twitter.com/MinswapDEX/status/1434251562935721988?s=20
The outrage is purely exaggerated.
I'd agree and it's reflected on token price with it not particularly budging.
How do you explain that it took then 4-5 years to begin to launch a network for dapps when it took a few months for Binance Smart Chain and less than 1-2 years for Polygon, Solana?
Maybe I am wrong but what have they achieved to be so trusted by the community?
Don't take me as an aggressive hater, I really just do not understand the hype around it.
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Most of Larimer’s projects had the capabilities to do all of those and more and how come nothing substantial came of out them (BTS, Steem, EOS, etc?)
Oh, you didn’t know Hoskinson and Larimer worked together at one point.
Did you know native tokens on Cardano are basically the SMTs bs’d and dreamed by STINC?
Have you heard of a Cardano hack yet?
Or perhaps read some of their published papers which ALGO and DOT based their designs on?
Did you know Cardano literally had to scrap everything and build from beginning?
Did you know Binance didn’t build a code base from ground up?
Did you know Solana is basically a project backed by the financial cartels with Sam as one of the major backers?
There are so many interconnected dots.
BTC hasn’t done jack since Seg-wit and we have the maxis thinking Lightning and Taproot would make them do what ETH and other platforms do.
Hello, sorry if I seemed quite aggressive because it seems it set you off a bit.
Oh but you are right about a lot of these points !
On the ones I know about, Steem worked great but Dan left and we can agree Ned was the worst CEO Stinc could have had.
EOS has been involved in shady things and it is now in the hands of justice because Block.one basically took the money ran and bought bitcoin with it without developing anything.
Nevertheless with all the projects you mentionned we have some dapps, working products, etc...
With Cardano, as of today: Nothing. Maybe it has the best techno/blockchain, etc... but after now almost 5 years and billions of $ there is not a single dapp. That's all I am saying and this is not normal imho.
This is my only question, how do the ADA team explain this? Even the failed EOS has dozens of DEFI, gaming, gambling working dapps.
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We will just have to wait and see.
Things can change pretty quickly in crypto.
Take FTX, for example, the exchanges owned by Sam. Came out of nowhere and is probably gonna be bigger than Binance in the future as they already cleared many of the regulatory roadblocks in a short number of years.
Indeed, came out of nowhere, launched a working product and delivered. FTX was quite impressive actually.
But they did not raise Bns, to say they will launch their exchange later. They delivered and then raised bns.
Well, I understand your point of view as you know more about ADA than I will ever do, I was just sharing the point of view of a Crypto user and investor looking at ADA.
Could be insightful for Cardano's management to understand why people doubt them (outsiders).
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All in good time.
I would be a little patient with Cardano. The project seems solid
It's why I prefer HIVE and why I like that its under the radar. From a few other people who I were speaking to, there is nothing worst than under preforming what the people want.
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Hive is a guaranteed success. It's working, it is functional and it is about to $3
I find it crazy that this project which barely delivered on wallet or even staking is still struggling to launch a defi Dapp when projects under 10mns do it in a week !
Where did the money go? How did this blockchain gets so many believers while NOTHING has been built over the past 4 years? I don't get it.
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