IOG Denies Rumors About Cardano Smart Contracts Platform

Over the past few days, some questions have been raised on Cardano and its smart contract platform, Plutus. To be implemented with Hard Fork Combinator event Alonzo, the platform is currently on its final testing stage, and it’s expected to go live in the short term. The concerns and rumors were mostly discussed on social media platforms, such as Twitter and Reddit. The main issue revolved around Cardano’s capacity to handle a high number of transactions in a determined smart contract. This is due to the protocol’s ledger approach, and their Unspent Transactions Output (UTxO) blockchain model. The source of the rumors was apparently originated from a product called Minswap, currently testing Plutus, as user “HoneyGramOfficial” reported on the subreddit r/Cardano. Minswap “rushed” to launch their product and users interacting with it reported failures. Cardano detractors claimed that the blockchain UTxO model without a fee gas market will cause the platform to have issues upon Plutus’ launch. Developer Foobar (Oxfoobar) said: Cardano is BTC with better UTXO validation and worse decentralization. Both the UTXO model and Hydra liveliness reqs are incompatible with most smart contracts, even Uniswap. Centralized relayers required. Cardano’s developer IOG quickly responded to what they classified as “social media speculation”, and “outright FUD & misinformation”. The company went on to clarify that the network does have a diffe...