Tuesday saw Cardano developers Input Output Global (IOG) confirm the Alonzo smart contract hard fork will take place on Sunday, September 12 at around 22:00 UTC.
This moment marks the culmination of four years of work and will make history in the process.
However, as witnessed with the recent “concurrency” FUD storm, in which critics said Cardano’s eUTxO system could not handle multiple users simultaneously, some sections of the cryptocurrency community remain unconvinced.
Now, Web3 developer @scupytrooples joins in on the debate by explaining why he likes to “rag” on Cardano.
A lot of ppl ask me why are you always ragging on Cardano.
Here are my thoughts on the matter
1/9 🧵👇
— self-repaying scoopy (@scupytrooples) September 8, 2021
What did @scupytrooples say about Cardano?
Web3, or Web 3.0, refers to the next stage of internet development in which data will be connected in a decentralized manner.
With that comes a new way in which users and computers interact with data, requiring machines to understand the data both conceptually and contextually. This is the premise of the “semantic web” and artificial intelligence.
“Web 3.0 was originally called the Semantic Web by World Wide Web inventor Tim Berners-Lee, and was aimed at being a more autonomous, intelligent, and open internet.“
From the perspective of Web3 developer @scupytrooples, he explains that Cardano’s programming language, Haskell, and the lack of composability of its eUTxO model, make it harder to work on versus Ethereum chains.
Between using a language like Haskell and the lack of composibility and concurrency inherent in the eUTXO model, I think that development on Cardano will be more difficult than on EVM supported chains. Smart contract development is already hard enough as is.
— self-repaying scoopy (@scupytrooples) September 8, 2021
Composability means the ability for applications and protocols to interact with one another in a permissionless manner.
What’s more, @scupytrooples claims “most serious developers” choose Ethereum because of the network effect generated by “tremendous grassroots development in both the client and application side.”
Digging the boot in further, the developer said the lack of a “formidable warchest” and VC backing hinders its development. Adding that Cardano’s rise in market cap ranking was driven by hype with little substance to back up its valuation.
“Cardano has thrived in the hype phase because of some nebulous promise that it will be better than what’s already out there.“
Once smart contracts are out, and on-chain metrics are available, he imagines ADA holders will be disappointed with what they see.
When you don’t have a product, there is no basis to value it, which is why hype has driven it to the #3 spot. I’m afraid that when smart contracts come and we’ll have real metrics about chain usage and adoption, it will be severely disappointing to ADA holders.
— self-repaying scoopy (@scupytrooples) September 8, 2021
Hoskinson dismisses the FUD as a non-event
Having said that, @scupytooples’ comments can be challenged on a number of fronts. To begin with, in July, the Cardano treasury stood at over 500 million ADA, or almost $1.2 billion, which more than meets the definition of a “formidable warchest.”
Also, VC backing can be a double-edged sword, meaning having VC backing is not necessarily a positive thing for crypto projects. Some would argue that taking venture money adds an element of centralization to the mix.
In any case, IOG CEO Charles Hoskinson addressed the recent attacks, saying a similar thing was seen last summer when staking on Shelley was rolled out. He ended the message by reminding the Cardano community to stay “together.”
As expected, there is a massive FUD storm underway. We saw the same with Shelley last year. It’s nothing new. Just people wanting to burn down what they don’t understand or feel threatened by. September 12th is a big day, but just a day on a long journey we are all on together.
— Charles Hoskinson (@IOHK_Charles) September 7, 2021
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