Shortly after Minswap, the first decentralized application (DApp) was released to Cardano’s public testnet, users began to receive errors related to simultaneity, which led Cardano critics to claim that this meant that their model accounting cannot support simultaneity.
On Wednesday (September 1) at 20:20 UTC, Cardano’s public testnet delved hard into the Alonzo era, thus offering support for Plutus smart contracts.
IOHK (also known as “IOG”), the blockchain technology company responsible for developing the Cardano protocol, announced on Twitter about an hour after the Alonzo event, the next major milestone for Cardano is the mainnet update on September 12th.
Two days later, the first DApp that went live on DEX Minswap from several public testnet pools in Cardano.
Here is a brief description of Minswap from its development team:
“Our goal is to bring an innovative decentralized exchange of multimodel resources to the Cardano blockchain. Minswap aims to be the best liquidity provider on the market by integrating the best asset fund models from the DEX ecosystem into one protocol. The combination of stable pooling, multi-asset pooling and concentrated liquidity will benefit both traders and liquidity providers. We are a fair launch and no pre-sales. This ensures that our user community has the maximum reward, not the speculators or the privileged.“
Shortly afterwards, many Minswap users trying to use it to exchange tokens began to receive concurrency-related errors, which was quickly confirmed by the Minswap team:
Minswap’s difficulties in handling multiple users allowed many people who think Cardano is a joke to happily state that Cardano’s decision to use the Extended UTXO accounting model was the culprit for this, which meant that the rest of DApp of decentralized financing (DeFi) with face the same problems of simultaneity as Minswap and therefore Cardano was doomed to fail as a smart contract platform.
Here is an example:
The developers of Maladex, which is another DEX from Cardano, came to the rescue of Minswap piulant:
“It is a very difficult problem to solve and you have to realize it @MinswapDEX is building its own solution. They released their DEX to test DApp and share it with the community, it’s not a finished product, it’s one of the steps. They are a really exciting platform to look forward to“
Rick McCracken, host of the YouTube channel “Digital Fortress,” who said Minswap’s concurrency problems “are being exacerbated by FUDsters.”
Of the Ethereum community, one of the most vocal critics seemed to be Polygon adviser Anthony Sassano, who wrote that Cardano cannot “peer review” his output on “fundamental issues,” such as simultaneity:
One of the biggest attacks on Cardano and its main development company IOHK was Matthew Kaye, CEO and managing partner of Blockhead Capital, who wrote:
Yesterday, Charles Hoskinson, co-founder and CEO of IOHK, explained in a Periscope session that Cardano’s foundations were solid and that only because an inexperienced development team (i.e. Minswap) hadn’t built the first version of the its application in a smart enough way does not mean that there is any problem with Cardano despite all the FUD of Reddit, Twitter and other social networking platforms. He went on to say that in the coming weeks or months we would see various design patterns, templates, frames, libraries and so on. to address the simultaneity and other complex issues that app developers may face when building sophisticated DApps and that we would see some of these demonstrated at the upcoming Cardano Summit 2021 (to be held September 25-26) ).
Then, earlier today, SundaeSwap Labs, which is another development team that is building a Cardano-powered DEX, wrote an article that also addressed some of the misconceptions about Cardano’s accounting model and its support for simultaneity.
In this blog post, the SundaeSwap team wrote:
“In short, rumors about Cardano’s death have been greatly exaggerated. There are solutions to the problems we see today, advantages to the way Cardano has been designed and a bright future and an intense phase of design discovery ahead …
“It is an unhealthy aspect of our industry that many people, often with prominent voices, are maximalists in a technology … it is not very healthy to be able to argue that a project in our community has all the answers and is superior in every sense. , whether this project Bitcoin, Ethereum, Cardano, Solana, Mac, PC, Hammers, Screwdrivers, or any other option we have on tools to use …
“You will not find any Cardano maximalism in our team. We believe that, yes, Cardano has interesting solutions to tough problems and has allowed for differences and prioritized things differently that create new opportunities in the cryptographic ecosystem. We certainly believe in it enough to build our product on …
“So for people claiming this is Cardano’s death: unlikely. To point to a rocky experiment in the early days of an ecosystem and to maintain it as the fatal omen of the fall of Cardano is, at best, a premature naivete and, at worst, intellectual dishonesty. We have outlined several creative solutions above and we are sure that there are many more that have been invented by those being built in Cardano.“
Finally, according to cryptography researcher and analyst “Crypto Eri”, the host of a very popular YouTube channel focused on cryptography of the same name, reported today, Sakura Exchange, based in Oska, has announced that it will list $ ADA on September 7:
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