Cardano’s Alonzo hard fork has its skeptics.
Cardano will usher in smart contracts at 21:44:51 UTC tonight by implementing the Alonzo hard fork.
However, several decentralized applications have been delayed due to design issues, and Alonzo may only go live with a “few toy smart contracts” developed by Cardano’s creator.
Smart contracts, which are self-executing pieces of computer code, serve as the foundation for decentralized applications such as decentralized exchanges and non-custodial lending apps.
Alonzo pits Cardano against other smart contract-enabled blockchains, including Ethereum, which introduced them in 2015.
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— Input Output (@InputOutputHK) September 10, 2021Cardano (ADA) hit an all-time high of $3.09 earlier this month as a result of the excitement surrounding Alonzo. Cardano’s developer, IOHK, launched Alonzo’s testnet on September 2.
However, after complaints that the upgrade had trouble processing concurrent transactions, the price dropped to $2.60.
According to Ethereum investor Anthony Sassano, the first Cardano dApp, a multipool exchange called Minswap, went down shortly after it began because it struggled to handle several transactions at once.
Seriously 6 years of “peer-reviewed” research and a $90bil+ market cap later and the first dapp on Cardano can’t even do concurrent transaction processing (aka the very thing you need for DeFi).https://t.co/mcmTjQEKbb
— Anthony Wassano 🦇🔊 (@sassal0x) September 4, 2021These criticisms, according to IOHK, are “speculation (and, let’s face it, pure FUD and misinformation”),” before adding that Cardano’s approach to unspent transactions provides “better security” and “fee certainty.”
Cardano supporters are expecting for another rally this evening, and Alonzo will bring in “a new Era of Cardano,” according to Cardano founder (and Ethereum co-founder) Charles Hoskinson.
Tomorrow is the big day! We are entering a new Era of Cardano.
— Charles Hoskinson (@IOHK_Charles) September 12, 2021Despite this, IOHK was unable to solve its difficulties with a single twitter thread. Because of the difficulties, it appears that Alonzo will not start with any killer applications.
Several decentralized exchanges have stated that their launch would be postponed until concrete answers to the transaction bottleneck are identified.
Cardano’s public image has leaned significantly on its boast of thorough technological study and testing since its introduction in 2015. Upgrades to the protocol are subjected to peer review by academics.
A rocky launch might be viewed as a significant setback. said that “a few toy smart contracts” built by IOHK would go live on day one in a YouTube video on Wednesday.
Cardano’s notoriety is nothing to sneeze at, with a market worth of $83 billion. However, it could take at least a few months before it becomes anything resembling an Ethereum killer.
