Following the successful launch of the fully decentralized Shelley Network, Cardano is on track to launch smart contracts and native assets in 2020, according to a statement from founder Charles Hoskinson.
Hoskinson made the comments in response to criticism made by EOS CTO Daniel Larimer, who said that Cardano's blockchain ecosystem is not powerful enough to run DeFi or any other decentralized application.
"Smart contracts and native assets will arrive this year, our latency is less than Ethereum's dominant DeFi platform (Hydra takes it to the second)."
With the recent launch of the Shelley mainnet, Cardano reached a critical milestone and said things should be easier in the future, but for some reason Larimer believes Cardano is still inadequate. He said:
“Its protocol does not work for other applications than currency, the confirmation latency is too long for most DeFi and completely inadequate for most use cases. What material facts am I wrong about? ”
Introducing a superior solution to the scalability problem
The community has gathered support behind Cardano with betting groups already in operation. According to one of the brokers betting groups largest network, the infrastructure of Cardano is superior to EOS and it's the future of DeFi.
“There are two problems with DeFi at the moment. Expensive transactions and unreliable smart contracts. Cardano will offer a better platform in 2020. By the way, EOS latency is good only because of poor decentralization (DPoS). Cardano uses PoS and Hydra will crush EOS. ”
Cardano's IOHK introduced Hydra in March 2020 after five years of development. Hydra is a scaling protocol that is supposed to allow Cardano to scale a million or more transactions per second, making it one of the fastest processing networks, faster than Ethereum and Visa.
“Hydra enables Cardano to scale horizontally, increasing performance by adding additional nodes, rather than vertically, by adding more powerful hardware. The first simulations show that each head can perform up to 1,000 TPS. At 1,000 heads, this could be as high as 1,000,000 TPS. Once implemented, Ouroboros Hydra will allow Cardano to scale to unmatched levels, at the level of, for example, global payment systems. ”
In addition to Ethereum 2.0's upcoming Sharding technology, the successful implementation of both protocols in their separate ecosystems will solve the scale problem that plagues the blockchain development industry. This will open the DeFi sector to further development and capital inflow.
This is the second time that Charles Hoskinson has come under fire for saying that Cardano's development will be more epic and come sooner than many people had anticipated.