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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

IOG Denies Rumors About Cardano Smart Contracts Platform

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Picture of a Cardano coin with ADA and Cardano written on it

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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 different “programming paradigm” than Ethereum, the blockchain with most DeFi applications. IOG added:

The specific flavor #Cardano uses is the eUTxO – or extended model which we believe offers greater security, allows for fee predictability (no nasty surprises…) and offers more powerful parallelization.

Responding To “FUD”, The Cardano Community Reacts

In addition, IOG said that, unlike what the rumors were claiming, dApps build on top of Cardano can process more than 1 transaction per block. This is part of the developers’ work to design their dApp with “multiple UTxOs” and enforce “more parallelism”.

The company committed to continuing to inform the community, users, and developers about the technical elements of Cardano. The community has also provided educational material and tools to understand the ledger approach.

Despite the fact that the Minswap launch could have led to the rumors, IOG congratulates the project on its launch and claimed, “this is what a testnet is for”. In addition, the company highlighted that the smart contract ecosystem on Cardano is at its early stage.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Thus, there is room for growth and improvement, IOG hinted. According to the company, there has been a great deal of participation and excitement around Plutus. They expect an “explosion of activity” in the coming months.

Hundreds of developers have completed the #Plutus Pioneers course. Scores of projects have already started developing in Plutus & are at various stages of expertise and readiness. #ProjectCatalyst saw 800 project applications last week seeking $4M for #BuildingOnCardano.

Despite the negative news, ADA’s price barely reacted. The cryptocurrency dropped a few percentage points, and quickly recover to its current levels moving sideways over the past day.

At the time of writing, ADA trades at $2,85 close to its all-time near $3. The resilience of the price, even when facing a strong attack, speaks to the investors’ confidence in the project. If Cardano, its developer IOG, and community are successful, ADA could go for another leg up into uncharted territory.

Cardano ADA ADAUSDT
ADA moving sideways in the daily chart after a minor dropped due to rumors. Source: ADAUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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