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Cardano (ADA) has come under criticism following reports of a concurrency issue discovered in the Alonzo testnet. The Cardano team announced some days ago that the Smart Contract functionality had gotten integrated on the Alonzo Testnet. The Alonzo Mainnet upgrade will go live on September 12.
However, a recent Twitter thread by Ethereum enthusiast Anthony Sassano, which contained screenshots, exposed a concurrency problem on Cardano-based decentralized exchange (DEX), Minswap. Reports show that Minswap became the first Dapp that launched on the Cardano testnet On September 4.
Concurrency problems typically manifest in actions that disallow multiple utilization by developers with a program or protocol simultaneously. For Cardano, this issue likely emanated from the lack of a “Cardano Virtual Machine”—similar to the Ethereum Virtual Machine—that grants Smart Contract smooth concurrent operations.
One of the screenshots posted by Sassano highlighted a transaction error by a user while attempting to swap tokens. Some community members worry that Minswap can only handle one transaction per block, making it grossly inefficient.
Commenting on the problem, Cardano founder Charles Hoskinson noted that the concurrency flak getting thrown around was a dishonest characterization of the project. Hoskinson added that building a decentralized, scalable distributed system is not a walk in the park.
Also, IOHK has labeled the criticisms as misinformation about Cardano’s ledger, citing SundaeSwap Labs as an example.
Key Cardano Levels to Watch — September 6
Despite the strong bullish presence in the crypto market, ADA can not seem to post a goodish push above the $3 mark. The third-largest cryptocurrency fell from the $3 mark last Friday to the critical $2.8000 support. ADA posted a rebound from that support but got stopped in its tracks around the $2.9500.
The cryptocurrency has fallen again, recently, to the critical support and a broader market correction triggered by Bitcoin. With a market-wide rebound coming soon, ADA needs to tap into that bullish bounce and clear the $3 resistance. Failure to do so could restrict its movement to the $2.9500 resistance to $2.8000.
Meanwhile, our resistance levels are $2.9500, $3.0000, and $3.2000, and our support levels are $2.8000, $2.6000, and $2.4705.
Total Market Capitalization: $2.41 trillion
Cardano Market Capitalization: $90.5 billion
Cardano Dominance: 3.73%
Market Rank: #3
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