Cardano sets new record as Charles Hoskinson fights critics

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The price of ADA climbed 17.4% in the past day, hitting a new all-time high of $ 2.54 on Friday morning.

Last week, the Cardanos token overtook Tether (USDT) and Binance Coin (BNB) to become the third largest cryptocurrency by market cap. With its current market value of nearly $ 80 billion, the asset has only strengthened its position since then.

At press time, the token has retreated slightly from its all-time high, changing hands at $ 2.48, per CoinGecko.

The price of ADAs is largely boosted by Alonzo’s impending hard fork, which will bring the long-awaited smart contract functionality to Cardano’s Proof of Stake (PoS) blockchain.

Input Output, the development company behind Cardano, said the upgrade will take place on September 12.

It’s happening.

Targeted September 12, 2021 for the Alonzo upgrade, bringing smart contracts to Cardano via a Hard Fork Combiner (HFC) event.

Learn more about the journey to a new era of smart contracts, DeFi and more for #Cardano $ ADAhttps: //t.co/59czSxrxFO

Input Output (@InputOutputHK) August 13, 2021

This means that the platform will allow developers to build Decentralized Finance (DeFi) applications that harness the power of smart contracts to lend, borrow and trade assets without any middleman.

Network developers will release its ‘Alonzo Purple’, which is the last phase after the completion of Alonzo Blue and White. Alonzo’s completed upgrade will allow it to run advanced smart contracts and DeFi applications on the Cardano blockchain, ”said Bitpanda’s product manager. , Lukas Enzersdorfer-Konrad, shared with Decrypt. “The upgrade will help Cardano match Ethereum’s capabilities.”

Although Cardano has grown nearly 1,300% since the start of the year, its level of adoption still lags behind Ethereum, arguably the world’s most popular smart contract platform and second largest cryptocurrency.

Cardano critics speak out

Cardanos’s rise to third on the crypto charts has also drawn a host of criticism.

Most notable is Galaxy Digital’s Mike Novogratz, who claims to have spoken to twenty of the smartest people he knows in space, none of whom have seen major traction among developers.

Charles Hoskinson, founder of Cardanos, was quick to push back the jibe on the platform by proposing a fix for Novogratz’s statement:

“I’ve spoken to twenty of the smartest bankers I know in space, and none of them have seen cryptocurrencies have a pull, we’ve all heard that one,” Hoskinson tweeted.

Here I can correct this statement for you Mike: “I’ve spoken to twenty of the smartest bankers I know in space, and none of them have seen cryptocurrencies have a pull” us have all heard that one

Let’s go back to his tweet every year. We’ll be calling August 15th, Mike’s recording day https://t.co/sax18Fe7XX

Charles Hoskinson (@IOHK_Charles) August 15, 2021

He also said on August 15, the day Novogratz first made his criticisms, a recording day for Mike, suggesting he revisits his original tweet every year.

Novogratz’s claims can certainly be disputed, as last month’s data from Cryptodiffer shows Cardano topped the ranking of blockchain projects by average daily development activity on GitHub.

Source: Cryptodiffer.

The quality of GitHub activity adds an important caveat here, however. A wave of minor commits on a platform can lead to increased daily development activity, for example, but these commits shouldn’t necessarily be confused with major changes to a protocol.

According to the graph, Polkadot and Kusama are the next two most active projects on GitHub, with Ethereum in fifth place.

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