Monday, December 6, 2021

Charles Hoskinson: September 12th Is a Big Day for Cardano, There Is a Massive FUD Storm Underway

Charles Hoskinson, the CEO of Input Output Global (IOG), who created the emerging smart contracts platform, Cardano (ADA), has recently hinted at a massive FUD storm, which is similar to how it played out when Shelley was about to launch last year.

Alonzo hard fork combinator event is happening as estimated in a few days. The upcoming major development is already attracting lots of attention across the crypto ecosystem, including unpalatable but expected situations such as Fear, Uncertainty, and Doubt (FUD).

Read Also: Cardano (ADA) Described As Ecological Bitcoin on French TV

The past situations have possibly prompted Hoskinson to make the Cardano community aware of FUD from any corner of the crypto ecosystem. In a tweet that has now gone viral, Cardano (ADA) creator told the community to expect the spread of FUD as the mainnet launch of Alonzo approaches.

Charles Hoskinson tweeted, “As expected, there is a massive FUD storm underway. We saw the same with Shelley last year. It’s nothing new. Just people wanting to burn down what they don’t understand or feel threatened by. September 12th is a big day, but just a day on a long journey we are all on together.”

Read Also: ADA Breaks above $3 for the First Time As Smart Contracts Now Run On Cardano Testnet

IOG Denies Rumors about Cardano

Over the past few days, there have been rumors going around the crypto space regarding Cardano and its smart contract platform, Plutus. The platform is currently on its final testing stage, and it’s expected to go live with the Hard Fork Combinator event, Alonzo, on 12th September 2021.

The major concerns and rumors that spread across social media platforms revolved around Cardano’s capacity to handle a high number of transactions, which is due to the protocol’s ledger approach and their Unspent Transactions Output (UTxO) blockchain model.

According to Cardano critics, the blockchain UTxO model without a fee gas model will cause the platform to encounter problems upon Plutus’ launch.

Read Also: Justin Bennett States When Cardano (ADA) Will Start Seeing Capital Outflow into VeChain (VET)

Developer Foobar (Oxfoobar) wrote, “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.”

In response to what was classified as social media speculation and outright FUD and misinformation, IOG pointed out that the network’s programming paradigm is quite different from Ethereum’s.

Read Also: Benjamin Cowen: $3 and $4 Are On the Cards for Cardano (ADA) in the Coming Days

IOG noted:

“Cardano is a UTxO (Unspent Transaction Output) blockchain, which utilizes a different programming paradigm for DApps than on account based blockchains like Ethereum (ETH)…

“The specific flavor #Cardano uses is the eUTxO – or extended model which we believe offers greater security, allows for fee predictability (no nasty surprises…) and offers more powerful parallelization.”


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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