HomeCoinsCardano (ADA)'Nothing to fix' - What Cardano's Hoskinson said after Minswap shut down

‘Nothing to fix’ – What Cardano’s Hoskinson said after Minswap shut down

- Advertisement -


Struggles with UTXOs, DApp errors, and congestion issues after the Cardano testnet went up led to users asking for help and complaining across a variety of forums.

On 6 September, Minswap – a decentralized exchange on Cardano – confirmed it had shut down its testnet “temporarily.” Needless to say, crypto-community reactions weren’t positive. In fact, one Twitter user was quick to voice his frustrations to IOHK’s Charles Hoskinson.

However, the Cardano Founder was quick to dismiss and deny any responsibility for Minswap.

Concurrency Conflicts

Minswap addressed its concurrency issues on 4 September, but many critics used these failures to point a finger at Cardano itself.

On 6 September, Minswap tweeted,

“It’s unfortunate that we have to shut down our testnet temporarily. We have gathered enough data from our testers to improve the fundamental of our DEX. In the next few days, we’ll publish our post-mortem, our scaling solution and when the testnet will be open up again.”

The DEX later added that it would reopen in a few weeks.

On the same day, Hoskinson livestreamed another video, one where he cited academic papers and crypto-literature. He claimed the resources would help users understand the ledger system and work around existing issues on the Cardano testnet.

It was here that a Twitter user criticized Hoskinson’s tone and nudged him to take responsibility for Minswap’s problems.

Hoskinson’s refusal to do so and his subsequent explanation again put the spotlight on Cardano FUDsters, as well as those claiming only one transaction per block is possible on Cardano.

On 5 September, behavior analysis platform Santiment revealed that Cardano was the number two trend on social media, according to its “rising topics” metric.

Now, while recent ecosystem-centric updates did account for that, it may have also been due to FUD and developers’ struggles after the Cardano testnet went up.

Responsible Parties

Minswap’s failure and the way Hoskinson detached himself from the situation showed users one possible consequence of trading on a decentralized exchange during its testnet phase.

It’s worth noting, however, that decentralized exchange SundaeSwap came to Cardano’s defense. SundaeSwap Labs published a document on Medium where it outlined some common “misconceptions” such as the ‘one transaction per block’ complaint. It also explained how Cardano took UTXOs to eUTXOs.

For his part, Hoskinson made sure to remind viewers of a famous precedent. He said,

“You know, UTXO model was not something we invented. It came from Satoshi [Nakamoto], and Bitcoin has been using it for 12 years successfully.”





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,546FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 55,071.00
ethereum
Ethereum (ETH) $ 4,361.88
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 549.64
litecoin
Litecoin (LTC) $ 194.52
eos
EOS (EOS) $ 3.90
okb
OKB (OKB) $ 25.97
tezos
Tezos (XTZ) $ 5.05
leo-token
LEO Token (LEO) $ 3.52
cardano
Cardano (ADA) $ 1.60
monero
Monero (XMR) $ 229.91
stellar
Stellar (XLM) $ 0.343411
chainlink
Chainlink (LINK) $ 24.17
huobi-token
Huobi Token (HT) $ 9.57
tron
TRON (TRX) $ 0.098466
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 173.43
neo
NEO (NEO) $ 36.11
iota
IOTA (MIOTA) $ 1.44
nem
NEM (XEM) $ 0.16597
zcash
Zcash (ZEC) $ 220.77
maker
Maker (MKR) $ 2,818.39
paxos-standard
Pax Dollar (USDP) $ 0.994877
ethereum-classic
Ethereum Classic (ETC) $ 45.85
vechain
VeChain (VET) $ 0.112581
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 47.83
kucoin-shares
KuCoin Token (KCS) $ 24.34
waves
Waves (WAVES) $ 21.01