Shelley Prepares Cardano for Smart Contracts and Decentralized Applications. The CTO of EOS, Daniel Larimer, said that the Cardano network performance is not good enough to handle Defi applications without problems.
He also said that the latency is too long so it cannot handle these transactions fast enough. Additionally, the Cardano blockchain doesn’t have far-reaching use cases as it only serves as a currency according to him.
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 am sorry, I don’t have the time to explain it to you.”
In his words;
“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.
Following the successful Shelley hardfork, the next way forward in terms of Cardano’s development is Goguen. Right after the Goguen update is complete, the Cardano blockchain will have what it takes to handle decentralized applications and smart contracts. Goguen will be updated before the end of the year according to the official update by Hoskinson. Their goal is to make Cardano good enough to overtake Ethereum as the foremost decentralized computer and smart contract platform.
Cardano ADA Finds Stability at the $0.1300 Level But the Bulls Might Come Back Soon
In other news, the price of the Cardano ADA token has found relative stability at the $0.1300 level. At the time of writing, the price of the ADA token is $0.137735. It is up by 0.92% against the USD and up by 1.79% against the price of Bitcoin. The trading volume over a 24 hour period is $262,108,497 and the market capitalization is $3,571,056,284. The next few days of trading will determine if the token will remain stable or rise like other tokens against the USD.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Cardano Smart Contracts and Native Assets Will be Introduced this Year
- Cardano ADA Finds Stability at the $0.1300 Level But the Bulls Might Come Back Soon
Yesterday, Cardano’s Charles Hoskinson said that the Cardano blockchain is ready to launch smart contracts and new native assets by the end of the year. He made this comment shortly after responding to criticism from the CTO of EOS about the inability of the Cardano blockchain to host decentralized financial applications.
Even if the Cardano blockchain has many use cases, it hasn’t been powerful enough for some decentralized apps until now. Hoskinson believes that the Shelley update has made the blockchain powerful enough for decentralized financial applications and smart contracts.