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Charles Hoskinson Calls Cardano’s Recent Accusations as “Noise and FUD”


cryptoknowmics.com 06 September 2021 03:30, UTC
Reading time: ~2 m

The launch of smart contracts on Cardano’s public testnet has been faced with criticisms from the crypto community over its efficiency. Clarifying the massive backlash received on the internet Charles Hoskinson slammed the recent accusations as “noise” and “FUD”.

Twitter Drama on Cardano's Public Testnet

Rumours have been circulating over the internet that Cardano’s public testnet may not work properly.

In a screenshot shared by the discussion between some Reddit users on Twitter, it appears that users may experience issues with synchronization from Minswap, a swap exchange on Cardano that went live on Sept. 3.

Apparently, users started receiving errors when trying to swap tokens and provide liquidity.

This indicates that Cardano’s transaction model, EUTXO, will not be able to handle more than one transaction per block, indicating Miniswap is practically useless.

The screenshot was shared by none other than Anthony Sassano, a well-known vocal member of the Ethereum community. While Cardano supporters initially argued that this is nothing but a smear campaign, the situation came under serious scrutiny after Sassano spoke on it.

Should the rumours turn out to be true, these will mark the end of Cardano smart contracts, and that the blockchain simply does not work.

Charles Hoskinson Called the Rumour as ‘FUD’

In response to this, CEO Charles Hoskinson in a recent ask-me-anything session slammed the recent accusations as “noise” and “FUD”:

Reddit won’t agree. Twitter won’t agree. Telegram won’t agree. Guys, it’s noise and it’s FUD. It is truly one of the hardest things in the world to build a truly scalable distributed system that is decentralized and admits Byzantine actors.   

According to him, scaling smart contracts will require off-chain processing solutions of the likes of Hydra, pointing to how Ethereum is investing in millions of dollars into solutions like Optimistic rollups (ORUs):

"You can’t build these systems in a way where they scale at billions of transactions per second on one system. You have to divide and conquer, you have to batch, you have to pre-process, you have to move things into different domains."

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