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ADA smart contracts takes off to a shakey start

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@melbourneswest
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Cardano's smart contract launch has caused a significant backlash from its community resulting in many leaving the network. At current it isn't certain if Bitcoins plummet to $US43,000 and recovery to $US47,000 has resulted in the brunt of the Tokens decline but critics are labelling Cardano's Alonzo smart contracts launch on testnet a failure.

Concurrent Transaction Processing

Source The failure arose as Cardano launched its Decentralised Exchange the first smart contracts on it's platform ADA. Users were met with an UTxO error message as they attempted to transact on ADA's Decentralised Exhange Minswap.

The issue was identified as Concurrent Transactions which are the base of Decentralised Finance.

Critics were quick to turn to Twitter to express their frustrations at Cardano which has spent 6 years researching block chain technology and had rallied to 3rd position at $US90billion market cap. Community expectations for ADA's performance was alot higher. Considering that ADA was being developed by a former Ethereum developer it is upsetting that this experience hasn't transitioned to a functioning product.

Testnet

It's important to note that the errors occured on ADA's testnet and not mainnet so developers were in the process of running tests on the block chain to identify problems that may arise within their code.

But critics took aim at Cardanos UTX code which only enables one transaction per block. Cardano was quick to defend its choice stating that the code enables more security and faster speeds.

The statement was rebutted by critics who state that Ethereum did not pursue the code due to its limitations and this will infact damage Cardano.

The ADA team released a blog post which can be read Here which outlines their decision to use UTXO as the main code for transactions.

Source Cardanos Market cap has taken a hit dropping to $US80 billion but as stated previously these figures are not conclusive of issues that have presided over the testnet issues and Bitcoin has treated back to $US47,000.

What are your thoughts, will ADA emerge as a top block chain or are the test net issues a sign of more failures to come?

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