Cardano is smart contract enabled, but critics still claiming ground amidst celebration

  • The Cardano network finalized the Alonzo hard fork on Sept. 12, bringing smart contracts to the public network.
  • Detractors are still at play amidst the celebratory milestone but Hoskinson is still hitting back.

Cardano (ADA) has just completed the Alonzo hard fork over the Weekend, bringing Plutus-powered smart contracts to the network. The much-anticipated upgrade took place at epoch 290. As much as the milestone was celebrated, it still brought out the stormy relationship between Cardano supporters and critics. On Sept. 10, finance rating provider Weiss Crypto tweeted that the hard fork would “allegedly” bring NFT support to Cardano.

In defiance, Cardano founder Charles Hoskinson questioned the use of the word ‘allegedly.” Further disproving the organization was Twitter user “Anthony Cardano” who minted Weiss Crypto’s tweet as a Cardano NFT (CNFT). Hoskinson asserted that the Cardano project was not “some fly-by-night thing.” Additionally, the project has delivered “time and time again” during its six years of existence.

Whether people want to admit it or not, over 70,000 NFTs have been already issued on Cardano,

Later on, Weiss Crypto tweeted an apology. Aside from that, Polymarket now owes Hoskinson a $50,000 donation to the charity of his choice. This is after the former bet against Cardano launching smart contracts by Oct. 1.

Cardano smart contracts still embryonic

It is still the “early days for the project,” Cardano noted in a blog post published Sept. 12.

This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.

Additionally, the Cardano team has encouraged all to maintain sensible expectations for the upgrade, stating:

High expectations are resting on this upgrade. Some unreasonably so. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.”

When Cardano’s testnet went live in early September, developers detected concurrency issues, spreading FUD (fear, uncertainty, and doubt). Ethereum maximalist, Anthony Sassano, said it did not match up that the “peer-reviewed” and $90B+ market cap network was experiencing these challenges after its long time in the crypto space. Dominic Williams, the founder of rival platform Internet Computer, also attacked the network for taking too long to launch smart contracts.

However, IOHK asserted in a report that DApps built on the protocol “are not limited to one transaction per block.” Citing the report, Hoskinson urged developers to use multiple UTXOs.

ADA price action

Despite its slanderers, ADA rallied 192 percent from $1.06 in late July to $3.10 on Sept. 3, as our data shows. The coin is also up over 1,600 percent in the year. However, ADA has since plummeted in the past week, now tagging between roughly $2.30 and $2.80. This may suggest that speculators have bought the rumor and sold the news. It may also be the effect on the market-wide price drops, as Hoskinson maintains. False price analysis hurts the industry as a whole and creates interpersonal friction where none should exist, he added.

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