CyberCapital founder Justin Bons says Cardano executes even worse than Bitcoin which is terrible for a second-generation blockchain. Bons believes the network is currently riding on unrealized promises and misleading claims.
“Cardano Fails To Acknowledge The Problem”
Justin Bons, known for being opinionated on every blockchain, took time on Sunday to deconstruct the problems he believes Cardano is currently facing. In a 20-tweet-long thread, the researcher talked about network capacity and smart contract functionality issues.
Bons criticized the “lack of a fee market” system on the Cardano network, saying it exposes the network to easy spam attacks and cheap exploits while allowing users to overlook functional issues. In addition, Bons stated that Cardano’s smart contract platform Plutus is sorely inefficient and, as such, is incapable of handling further capacity extensions.
To make matters worse, according to Bons, the mempool, which is a collection of pending transactions on a blockchain, can not hold more than 630 transactions. Once this limit is hit, transactions are just dropped and reported as failed, making the network unreliable. Bons reveals that while second-generation blockchains are supposed to be an improvement on Bitcoin, ADA falls short.
Furthermore, Bons indicated that the problems also extend to the network’s smart contract capabilities. According to the crypto industry pundit, smart contracts on the Cardano network can process only one “TX’s at a time (per block)”. Bons tweeted, “So even though ADA claims to have come through on its long-delayed promise of implementing smart contracts over ADA. In reality & in practice this is certainly not the case,” adding, “This is also far from the first time promises were made & not met by ADA.”
Bons believes that even though Cardano promises major upgrades in the future, it is unlikely to catch up with the competition as it is already behind and still moving at a snail’s pace in terms of innovation. “We have to evaluate what exist now. Not blindly believe in the promises of a historically under-delivering project,” said Bons. According to Bons, the network’s most critical flaw is that the developers fail to acknowledge the network’s problems.
A ‘Promising’ 2022 For Cardano
Bons’ concerns aside, the Cardano network has been expanding rapidly. A lot of the recent milestones like the TVL growth across DApps and growth in the number of wallets have been attributed to users anticipating the Vasil Hardfork promised in June, which is set to usher in over 500 DApps currently in development.
Currently, ADA is trading in the red with the rest of the crypto market. The 9th digital asset by market cap is down 4.20% in the last 24 hours and 11.52% in the last seven days, trading at the $0.84 price point on major exchanges.
