Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
NewsBTC 2021-09-06 18:00:21

IOG Denies Rumors About Cardano Smart Contracts Platform

Over the past few days, some questions have been raised on Cardano and its smart contract platform, Plutus. To be implemented with Hard Fork Combinator event Alonzo, the platform is currently on its final testing stage, and it’s expected to go live in the short term. The concerns and rumors were mostly discussed on social media platforms, such as Twitter and Reddit. The main issue revolved around Cardano’s capacity to handle a high number of transactions in a determined smart contract. This is due to the protocol’s ledger approach, and their Unspent Transactions Output (UTxO) blockchain model. The source of the rumors was apparently originated from a product called Minswap, currently testing Plutus, as user “HoneyGramOfficial” reported on the subreddit r/Cardano. Minswap “rushed” to launch their product and users interacting with it reported failures. Cardano detractors claimed that the blockchain UTxO model without a fee gas market will cause the platform to have issues upon Plutus’ launch. Developer Foobar (Oxfoobar) said: Cardano is BTC with better UTXO validation and worse decentralization. Both the UTXO model and Hydra liveliness reqs are incompatible with most smart contracts, even Uniswap. Centralized relayers required. Cardano’s developer IOG quickly responded to what they classified as “social media speculation”, and “outright FUD & misinformation”. The company went on to clarify that the network does have a diffe...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.