- Charles Hoskinson has made it clear on Twitter that smart contracts and the issue of native assets are to be launched before the end of the year.
- He was reacting to a criticism previously voiced by EOS CTO that Cardano’s blockchain is not powerful enough to run DeFi applications.
Cardano is one of the big winners of the last weeks and months. Through steady progress and weekly releases, the Cardano price has also risen by more than 40% in the last 30 days and has fought its way up to 6th place among the largest cryptocurrencies. Nevertheless, EOS CTO Daniel Larimer has few positive words for Cardano and sharply criticizes the project on Twitter.
Charles Hoskinson: Smart Contracts and native assets will come in 2020
Daniel Larimer has criticised Cardano on several counts. First, the network performance is not sufficient to handle DeFi applications without further problems. In his opinion the latency is too long to handle transactions fast enough. In addition, Cardano does not have any far-reaching use cases, ADA can only serve as currency:
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.
Hoskinson joined the discussion and explained that the confirmation latency is significantly lower than Ethereum‘s at this point in time and thus all the prerequisites are in place to serve as a future basis for DeFi applications. Furthermore, he clarified that smart contracts and the issuance of native assets will be implemented by the end of the year:
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’m sorry, I dont have the time to explain it to you.
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'm sorry, I dont have the time to explain it to you. https://t.co/aej1MS06cz
— Charles Hoskinson (@IOHK_Charles) August 2, 2020
In further tweets, Hoskinson pointed out the development of Hydra, an off-chain protocol that significantly increases the scalability of the Cardano blockchain while requiring low latency and minimal storage space per node. Hydra is also suitable for micropayments, insurance contracts, voting and other applications requiring immediate confirmation.
Number of new stack pools growing daily
Cardano successfully completed the Shelley Hard Fork on July 29, 2020, marking the end of the Byron era and the start of Shelley. Hoskinson recently informed the community that the number of registered stake pools has grown to over 400 and new ones are being added daily. These figures show that Cardano’s blockchain performance is growing and the development of the project is still on track.
After Shelley Cardano will enter the Goguen phase, in which smart contracts will be implemented. According to official statements of the IOHK CEO, this should be implemented by the end of the year. Cardano plans to replace Ethereum as the leading smart contract platform in the long run and will be established as the new industry standard.