Cardano, the third largest cryptocurrency by market cap, is gaining momentum in anticipation of the modernization of the smart contract masternet.
The Cardano team announced in September 2021 that the smart contract functionality had been made available on its Alonzo test network, while its mainnet is expected to be deployed by September 12.. However, the feature has been criticized by some in the crypto industry due to the concurrency issue.
But there are some, like Ethereum supporter Anthony Sasano, who the summary A supposed core issue related to concurrency in Minswap – a Cardano-based decentralized exchange (DEX).
What is the concurrency problem – you may ask? Essentially, it prevents multiple users from interacting with a program or protocol simultaneously.
In Cardano’s case, there were some users concerned about the inefficiency of Minswap, which handled only one transaction per block. However, the founder of the network, Charles Hoskinson, responded to explain The intricacies of the Cardano architecture and upcoming smart contracts, as well as how it differs from existing networks.
Addressing the validation issue
On September 5, the Cardano team posted an explanation about the non-surprise transaction verification process on Alonzo and highlighted the following about the Plutus minting process:
“An important aspect of transaction processing is validating the actions it takes. A transaction takes an action when it contains data in the field specified for that action. For example, a transaction spends a UTXO when it has a reference to a U in its input field, and it Mint an X when its mint field contains X.2″.
The stress of concurrency problems forced Minswap to close its testnet. However, DEX has already publicly notified the issue via Twitter, saying that if a user sees an error message that states that UTXOs are using this `block` too many times, it is because a concurrency problem has occurred and they are trying to fix it. He. She.
There are voices in favor of Minswap, such as Maladex, another DEX building on Cardano, Highlight It is a “very difficult problem to solve” and must be understood from the point of view that it is an incomplete product at this point.
Two-stage transaction verification
From a technical point of view, the Cardano team explained in a long blog post that transaction validation is divided into two stages. Reason? It should limit the amount of validation work not paid by the contract:
Each stage serves a purpose in achieving that goal. Roughly speaking, the first stage checks if the transaction was created correctly and can pay the processing fee. The second stage runs the scripts that are included in the transaction. If the transaction is valid from the first stage, the second stage scripts will be run. If the first stage fails, no scripts are run, and the transaction is discarded immediately. “
Furthermore, Cardano’s team argued that Alonso made a special clause to compensate the contract for their work if the scripts were not validated. That’s why they will rely on providing collateral in transactions, which is basically the amount of ADA that will be charged in the form of a fee if stage 2 validation of the script fails.
Smart contract update is still scheduled as expected
According to the release of the smart contract update, its deadline is approaching, as IOHK confirmed that it will happen on September 12 at 21:44:51 GMT. Also, 80% of pools are expected to be ready for the Alonzo update by that date.
According to the team, Plutus’ core capability will be rolled out to the mainnet through HFC on the same date, along with compatibility upgrades across the entire software suite.
There are no expectations for a further delay in the rollout of the update to run the hard fork, although it is still subject to any additional issues that may occur in the meantime.
Also, more Cardano-based DEXs like SundaeSwap Labs are expecting to see the mainnet fully operational to address several issues despite criticism that has surfaced over the past few weeks. In fact, DEX noted that Cardano did not dig her own grave as many have claimed:
“So for the people who claim this is Cardano’s death: It’s unlikely. To point and maintain one of the rocky experiences in the early days of the ecosystem as a fatal harbinger of Cardano’s downfall is early naivety at best and intellectual betrayal at worst.”
Cardano’s battle against Ethereum can get stronger
However, the crypto community continues to expect to see how the so-called Cardano versus Ethereum evolves after the update, as dApps could be a reality on Cardano’s blockchain.
Meanwhile, on September 7, IOHK confirmed that it had submitted an update proposal to the Cardano mainnet, until claim The Alonzo HFC event will be the “most significant update to date” and thus the start of a new era of smart contracts at Cardano.
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