2021-07-05 09:41:45

Charles Hoskinson Claims Thousands of Assets Live on Cardano, but How Many are Useful?

Cardano (ADA) is currently in a key transition phase, moving towards becoming a smart contract compatible blockchain with Alonzo hardfork. However, critics beleive the network hasn’t delivered on its promises. One Twitter user pointed toward the last year’s tweet made by founder Charles Hoskinson on what the network would be capable of in a year.

Hokinson responded to the tweet suggesting there are currently thousands of assets live on the Cardano blockchain and more are joining with each passing day.

While Hoskinson is not wrong when he claims there are thousands of assets and tokens live on the platform as the functionality was integrated into the network with Mary Hardfork. However, out of those thousands, only a couple of tokens can be deemed active or functional.

A Significant Majority of Listed Tokens on Cardano are Inactive

The Cardano blockchain boasts over 6,500 listed assets but only two of these tokens have notable transaction activity with over 10,000 transactions per second. While the fourth-largest blockchain by market cap is not new to criticism and many have even called it a ghost blockchain, Hoskinson has maintained that they don’t pay much heed to trolls and only focuses on development.

The smart contract integration currently underway would make Cardano more compatible with Dapps and also help it compete against the likes of Ethereum, Solana, and Polkadot. The Alonzo hard fork is in full swing with the first successful testnet deployment and smart contract compatibility by August end.

The price of ADA is currently trading at $1.41 and the altcoin was recently included in Grayscale’s popular Digital Large Cap Fund with the third-highest allocation after Bitcoin and ethereum.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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