• Latest
  • Trending
  • All
  • LATEST NEWS
  • SPONSORED POSTS
  • BANKING
  • Cryptocurrency
  • Job Past Questions
  • PRICE WATCH
  • VIEW POINT
  • ECONOMY
  • Careers
  • Press Release
  • Breaking News
  • education news
  • Personal Finance
  • Networth
Cardanos Alonzo Upgrade

Cardano’s smart contract Faces roadblock Following Alonzo Testnet Upgrade

September 6, 2021
nlc protest

Federal Government Urges NLC and TUC to Reconsider Nationwide Strike

September 29, 2023
U.S. President Joe Biden signs an executive order, in Washington

President Biden Appoints Two Nigerian-American Experts as Special Advisers

September 28, 2023
Meta AI Chatbot

Mark Zuckerberg Unveils Meta AI Chatbot, a Rival to OpenAI’s ChatGPT

September 28, 2023
Food Prices

Food Prices Soar by 31% in Nigeria with Ebonyi and Abia States Leading, Reports NBS

September 28, 2023
binance announcement

Binance Directs European Users to Convert Euros to USDT Following Paysafe’s Termination of Services

September 28, 2023
Arbitrum Ethereum Layer 2 Scaling Solution to Launch This Month

US Set to Welcome Ethereum Futures ETFs Trading Next Week, Bloomberg Analyst Predicts

September 28, 2023
Bitget study shows that 46% of millennials in the world's largest economies own crypto

Analyst Predicts Bitcoin Price Hike to $30K in October as Currency Sees 2% Uptick

September 28, 2023
Cooking Gas Prices in Nigeria: Skyrocketing to New Heights?

Rising Cooking Gas Prices Spark Concern: NALPGAM Calls for Federal Intervention

September 28, 2023
KPMG Nigeria sees significant growth in mobile banking

E-Banking Fees Surge to N154 Billion in First Half of 2023 Amid Growing Adoption

September 28, 2023
Okeodo Market

Lagos State Government Closes Okeodo Market Due to Environmental Violations

September 28, 2023
Nigerian Stock Trades Tumble to Four-Month Low Amid Market Uncertainties

Nigerian Stock Trades Tumble to Four-Month Low Amid Market Uncertainties

September 28, 2023
Nigeria Secures $1.95bn in World Bank Loans Amidst Rising Debt Concerns

Nigeria Secures $1.95bn in World Bank Loans Amidst Rising Debt Concerns

September 28, 2023
  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise
Saturday, September 30, 2023
  • Login
Financial Watch
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
Financial Watch
No Result
View All Result
Home Cryptocurrency

Cardano’s smart contract Faces roadblock Following Alonzo Testnet Upgrade

Cardano came under some serious criticism after some supposed flaws in its structures were brought to light in the Alonzo mainnet

by Tosan Olajide
September 6, 2021
in Cryptocurrency
0
Cardanos Alonzo Upgrade

Cardanos Alonzo Upgrade

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Cardano’s smart contract Faces roadblock Following Alonzo Testnet Upgrade – Cardano, the third-largest cryptocurrency by market capitalization behind Bitcoin and Ethereum, came under criticism after reports of a concurrency issue found in the testnet.

Concurrency Crisis for ADA?

The Cardano team earlier in September announced that the smart contract functionality was now available on the Alonzo Testnet. Following the deployment of smart contracts, the Alonzo mainnet upgrade is scheduled for implementation on September 12.

However, a tweet thread by Ethereum proponent Anthony Sassano on Sept. 4 showed a series of screenshots that revealed a concurrency issue found on Cardano-based decentralized exchange (DEX), Minswap. The DEX became the first Dapp that launched on the Cardano testnet on September 4.

Concurrency issues often manifest in ways that prevent multiple users from interacting with a program or protocol simultaneously. In the Cardano case, the problem likely stems from the absence of a “Cardano Virtual Machine” — a global state like the Ethereum Virtual Machine — that allows smart contract operations to proceed concurrently.

According to one of the screenshots posted by Sassano, a user encountered a transaction error while trying to swap tokens. Some members of the community were worried that Minswap only handled one transaction per block, making it inefficient.

Reacting to the apparent problem, Cardano founder Charles Hoskinson stated in a video that the concurrency criticisms amounted to a dishonest characterization of the project, adding:

“The problem our industry has is it basically says well if you don’t support my thing or I can’t see a way to make my thing work, what you have constructed is absolutely useless, forever useless, and it’s just a toy. And then they use vanity metrics, not even understanding what they are saying.”

According to the Cardano creator, building a decentralized, scalable distributed system is a difficult endeavour.

Cardano is Here to Stay

Meanwhile, IOHK, the research, and development company behind Cardano, also published a tweet thread on the supposed “misinformation” about Cardano’s ledger approach. A Medium blog post published by SundaeSwap Labs, a Cardano-based DEX, further addressed some of the misconceptions about Cardano.

According to the article, it was possible to carry out hundreds of transactions per block. SundaeSwap also stated that centralization was one of the ways to solve the issue. Meanwhile, the DEX noted that the issue encountered in the testnet did not mean the death of Cardano.

“So to the people claiming this is the death of Cardano: unlikely. To point to one rocky experiment in the earliest of early days of an ecosystem and hold it up as the fatal omen of Cardano’s downfall is premature naïveté at best, and intellectual dishonesty at worst.”

Tags: Alonzo TestnetCardano
Share196Tweet123
Previous Post

Binance Complies with Singapore’s Regulations, Ceases Trading in Singapore Dollars

Next Post

Whale Alert: 200,000 BNB (Over $100M) Moved From Binance

Tosan Olajide

Tosan Olajide

Next Post
BNB Breaks Out price currently moving upwards above Support

Whale Alert: 200,000 BNB (Over $100M) Moved From Binance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FRSC recruitment

Federal Road Safety Corps Salary Structure – See How FRSC Pay Workers

September 22, 2021
FRSC insists it has statutory powers to arrest traffic offenders impound vehicles

FRSC News 2021 – See Today’s Recruitment 10 latest Updates

September 11, 2021
The Nigerian Army DSSC SSC Recruitment Portal

Current Salary of Nigerian Army Officers: See Full Details (2021)

September 11, 2021
CBN AGSMEIS Loan Form 2020/2021: How To Apply Without Collateral

CBN Loan application Form 2021: How To Apply for Collateral free loan

August 17, 2021
Regulatory preasure forces Binance to suspend Euro deposits

Binance Makes Its Way into Dollar Indexes as BNB price Drops 10% in One Week

July 20, 2021
How buy 2019 JAMB 2019 UTME form/ registration PIN online

UTME result: How to Check JAMB Result 2022 – Jamb Result Checker

1333
JAMB Result checker 2020 out | www jamb org ng result checker

Utme 2021: Check JAMB Results Using JAMB Registration Number

1146
List of JAMB Approved CBT Centres In Abia State 2020/2021 | Abia State Jamb Cbt Centres

Jamb Portal 2021: How to check Jamb Results – jamb.org.ng/efacility

523
P Yes registration

www.p-yes.gov.ng – Register For P-YES Progeamme Portal – Apply Now

436
Breaking: JAMB releases more 15,490 UTME results

JAMB Results 2021 Online Checking Steps | www.jamb.org.ng Result

316
nlc protest

Federal Government Urges NLC and TUC to Reconsider Nationwide Strike

September 29, 2023
U.S. President Joe Biden signs an executive order, in Washington

President Biden Appoints Two Nigerian-American Experts as Special Advisers

September 28, 2023
Meta AI Chatbot

Mark Zuckerberg Unveils Meta AI Chatbot, a Rival to OpenAI’s ChatGPT

September 28, 2023
Food Prices

Food Prices Soar by 31% in Nigeria with Ebonyi and Abia States Leading, Reports NBS

September 28, 2023
binance announcement

Binance Directs European Users to Convert Euros to USDT Following Paysafe’s Termination of Services

September 28, 2023
Financial Watch

Copyright © 2023 Financial Watch.

Navigate Site

  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise

Follow Us

No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH

Copyright © 2023 Financial Watch.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In