Cardano Under $3 Following Smart Contract Scalability Concerns – But Just How Bad Can It Get For ADA?

Cardano Under $3 Following Smart Contract Scalability Concerns – But Just How Bad Can It Get For ADA?
ôîòî ïîêàçàíî ñ : zycrypto.com

2021-9-11 20:15

Cardano has been one of the most talked-about blockchains in the cryptocurrency community this year. Heads began to turn especially when energy sustainability concerns were being raised as a result of the ongoing debate about Bitcoin’s level of energy consumption.

Months have passed and Cardano has been dominating crypto-conversations. Very recently, Cardano introduced the long-awaited Smart contract functionality to its testnet. The proof of stake blockchain which is to put Cardano on par with the likes of Ethereum and Solana is to follow shortly. However, there might be a little hindrance following the revelation that Cardano’s smart contract is underperforming.

ADA dropped below $3 following Smart Contract worries

“So ADA smart contracts failed. That’s what happens when you rush something under pressure. Imo they shouldn’t have waited 4 years to release it. Should’ve taken 8. Promising something in crypto is better than delivering Bc it keeps hopes high” 

The above-quoted statement is one among many comments from users criticizing the Cardano network for the recent development that the DeFi projects on the Cardano testnet network are unable to operate DeFi transactions as a result of network limitations. Apparently, Only one transaction can be processed per block. Some users have already reportedly complained about problems that occurred with the first update.

As noted by another observer on Twitter, any solution to the problem will require the network to fall towards centralization.

“just fyi, market is pulling back b/c ADA is dumping on news that Cardano smart contracts don’t really appear to work. can only do 1 txn per block per smart contract due to fundamental architecture (UTXO). any fix requires centralization. ADA is #3 market cap coin”

As a result of the underperformance, ADA’s price has shredded some value. After hitting an all-time high of $3.10 eight days ago, ADA is now down to $2.38 with daily losses going above 8% at press time. 

ADAUSD Chart By TradingView

Cardano founder Charles Hoskinson had previously responded to these claims, but market players are unsatisfied as they brand his response of saying it wasn’t an issue as vague and unhelpful. Critics are now weighing in on the matter as crypto Twitter remains flooded with sentiments from onlookers and ADA investors alike.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Restart Energy MWAT (MWAT) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0054454 (-100%)

energy concerns cardano turn especially when began

Èñòî÷íèê: zycrypto.com

energy concerns → Ðåçóëüòàòîâ: 45


Ôîòî:

‘Ethereum Driving Crypto Markets, Not Bitcoin’ Asserts Quantum Economic Exec Following London Hard Fork

Competition between Ethereum and Bitcoin for dominancy seems to have stepped up especially after last week’s “London” dubbed hard fork which saw the second-largest cryptocurrency by market capitalization change the way transaction fees, or “gas fees,” are estimated, leaving Bitcoin struggling in the murky waters of energy concerns. Experts have continued to weigh in on […]

2021-8-12 14:11


Ôîòî:

Australian Mining Company Expects Bitcoin To Overcome Backlash Over Energy Concerns

Sydney-based Bitcoin mining company Iris Energy Pty expects the world’s largest cryptocurrency to overcome the struggles brought on by the concerns regarding its effect on the environment. Crypto investors and holders are well aware of Bitcoin’s latest plunge, with the digital coin falling to a figure that more than halved its all-time high in May. […]

2021-6-1 15:35


Ôîòî:

Veriblock Reveals Initiative to Recycle Bitcoin’s Energy Consumption by Securing Dogecoin

On Wednesday, the Veriblock project, a blockchain that leverages the implementation of proof-of-proof (PoP) consensus, announced an initiative to secure the Dogecoin blockchain using Bitcoin. The Veriblock Foundation believes the effort counters the hostile ‘Blood Bitcoin’ narrative in regard to recent environmental concerns over proof-of-work (PoW).

2021-5-28 22:30


Ôîòî:

Ark Invest: Bitcoin Mining Net Positive to Environment, Concerns of BTC’s Energy Consumption Are Misguided

Following concerns raised by Tesla CEO Elon Musk about Bitcoin’s energy consumption, global asset manager Ark Investment Management explained that the concerns are “misguided. ” Referring to its research using real-world data, the investment firm emphasized that “the impact of bitcoin mining could become a net positive to the environment.

2021-5-18 02:30


Ôîòî:

While Bitcoin Energy Concerns Grow, Nobody Discusses the Carbon and Military Violence Backing US Dollars

This week a great number of bitcoin supporters and skeptics have been arguing over whether or not bitcoin mining is harmful to the global environment. However, crypto supporters have been saying that concerns over the Bitcoin network’s energy supply are absurd, in contrast to the carbon used and the military violence that backs a number […]

2021-5-16 08:00


Ôîòî:

America’s Missoula County Plans to Regulate Cryptocurrency Miners Due to Environmental Concerns

United States’ Missoula County, also referred to as a hub of five valleys, is planning to regulate cryptocurrency miners so that they comply with zoning and noise regulations and most importantly, forgo fossil fuel energy in an effort to reduce climate change, as reported by the local publication Missoulan on March 20.

2019-3-21 15:59


Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Astar surges amid proposal to burn 350M ASTR tokens

Astar Network (ASTR) price jumped nearly 5% after the Astar Foundation published a proposal to burn 350 million ASTR tokens. ASTR price reached higs of $0. 09. Astar Network (ASTR) price flipped positive and surged nearly 5% on Tuesday following a new proposal seeking to burn millions of the tokens.

OKX expands crypto exchange services to the Netherlands

OKX has launched its Web3 wallet and crypto exchange service in the Netherlands. The exchange will offer spot trading, crypto convert and other services, with support for 150 cryptocurrencies. OKX holds regulatory approval from De Nederlandsche Bank (DNB), the central bank of the Netherlands.