- IOHK, the organization behind the development of Cardano has attempted to set the record straight on its ledger approach.
- The organization refutes claims that DApps are limited to 1 transaction per block and states that users can enforce parallelism.
- The network says it adopts the Unspent Transaction Output ledger approach as it seeks for “secure transaction and script evaluation before execution.”
Cardano was the cynosure of attacks after its novel ledger approach was criticized by some individuals. To set the record straight, Input-Output HK, the organization behind the network’s development has shed more light on the approach that it adopts and went to ask for the unflinching support of the community.
Determinism Is The Way Forward For Cardano
IOHK in a series of tweets allayed the fears surrounding Cardano’s concurrency and ledger approach. It reiterated that Cardano is a UTxO (Unspent Transaction Output) blockchain and specifically adopts the extended model of this approach as a means to improve security and predictability.
This is a divergence from the account-based blockchain like Ethereum that is largely indeterministic. According to a post by Polina Vinogradova, a software engineer, this type of approach is often fraught with the problems of unexpected script validation outcomes and unexpected fees. This is elucidated with the problems of high gas fees and fluctuations in decentralized exchange rates amongst others.
Through the deterministic extended Unspent Transaction Output (eUTxO) of Cardano, users will be able to ascertain how the transaction will impact the ledger state. Furthermore, the team stated that “dapps are not limited to 1 transaction per block.” Users can leverage parallelism through the design of applications with multiple UTxOs and while this approach is new, protocols are already probing for their way around the concurrency debacle.
Steady Marching Towards The Big Day
The Cardano community is eagerly anticipating the Alonzo hard fork that is scheduled for September 12, 2021. The upgrade is poised to offer the applicability of smart contracts on the network which will open the floodgates to the decentralized applications.
Ahead of the event, 64% of stake pools are prepared while a proposal for the update has been successfully submitted to the Cardano mainnet. Furthermore, hundreds of developers have completed the Plutus course while several others are already in the building projects that are nearing completion. In the last week, Project Catalyst, the community-led experiment for innovation received 800 applications ahead of the hard fork which is indicative of the strides notched by the network.
Cardano recently set a new all-time high of $3.10 and currently trades at $2.7 with a market capitalization of $87 billion. This gives the cryptocurrency the enviable position of third place in the ranking of cryptocurrencies according to market capitalization.
Why It Matters
Fear, uncertainty, and doubt are potential hazards that can stifle the growth of a project. With the Alonzo hard fork over the horizon, it became imperative that the development team behind the project take positive steps to quell the doubt raised by its revolutionary ledger approach.