Cardano – Smart Contracts and Native Assets to be Expected Soon
Cardano (ADA) is among the big winners of the last period as, through continuous progress and weekly releases, the Cardano price also went up by over 40 percent in the last month, and has made its way up to the sixth place where the largest cryptocurrencies usually are.
However, EOS CTO Daniel Larimer has only negative words for the project and sharply criticizes it on Twitter.
Smart Contracts and Native Assets to Come Soon
Daniel Larimer has made some critical remarks about Cardano on several counts. First, the network performance is not enough in order to manage DeFi applications without any issues. In his opinion, the latency is too long to operate transactions sufficiently fast; Larimer also mentioned that Cardano doesn’t have any far-reaching use cases, and ADA can only be used as a currency.
“Your protocol doesn’t work for applications other than currency, the confirmation latency is too long for most of DeFi and completely unsuitable for most use cases,” he said.
Charles Hoskinson, the founder of Cardano, joined the chat and explained that the confirmation latency is lower than Ethereum’s for now, and therefore, all the prerequisites are there to serve as a future base for DeFi applications. In addition, he made it clear that smart contracts and the release of native assets will be rolled out by the end of this year.
“Smart contracts and Native assets are coming this year – our latency is lower than Ehereum’s – the dominant DeFi platform (Hydra brings it to subsecond) to quote Satoshi: I’m sorry, I dont have the time to explain it to you,” Hoskinson said.
Smart contracts and Native assets are coming this year, our latency is lower than ethereum's- the dominant DeFi platform (hydra brings it to subsecond) to quote satoshi: I'm sorry, I dont have the time to explain it to you. https://t.co/aej1MS06cz
— Charles Hoskinson (@IOHK_Charles) August 2, 2020
In other tweets, Hoskinson mentioned the development of Hydra, an off-chain protocol that majorly increases the scalability of the Cardano blockchain while needing low latency and minimal storage space per note.
Hydra is also ideal for micropayments, insurance contracts, voting, and other applications asking for immediate confirmation.
Stacks of Pools are Growing Daily
Cardano successfully carried out the Shelley Hard Fork on July 29th of this year, marking the end of the Byron period and the start of Shelley. Hoskinson has recently announced that the number of registered stake pools went up to more than 400, and new ones are being added every day.
These numbers show that Cardano’s blockchain performance is getting better and better, and the development of the project is still under work. After this, Shelly Cardano will enter the Goguen stage, in which smart contracts will be implemented, probably by the end of this year.
Cardano plans to replace Ethereum as the leading smart contract platform in the long-run and will be considered the new industry standard.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.