As Cardano (ADA) Is Growing, Sceptics Call it a “Cult”

A flurry of developments has taken Cardano to the next echelon in its journey, heralding new capabilities for the network.
A major milestone was reached over the weekend as smart contract capabilities were applied to Alonzo.
Despite the stellar innovations, Mike Novogratz has referred to Cardano as a cult.
The network has a series of innovations lined up for the future including the Basho and Voltaire eras.

A series of developments in the Cardano network has ensured the continued growth of the network, generating a ton of excitement for its users. Mere weeks after celebrating the milestone of reaching a million wallets, Cardano has already hit its next milestone, with Alonzo now able to run smart contracts.

Cardano has further made significant improvements to the Daedalus wallet, and status updates are indicative of various upcoming innovations. Despite the giant strides made by the Network, Mike Novogratz described Cardano as a “weird cult” in a recent interview, which triggered a response from Charles Hoskinson, the CEO of Cardano.

Cardano retains fifth place in the list of cryptocurrency rankings, according to their market capitalization, with an impressive market cap of $48.60 billion. The network’s development team has been instrumental to the remarkable performance of ADA thanks to the impressive developments being launched by the platform.

Over the weekend, the network hit yet another milestone with the announcement that Alonzo now possesses smart contract capabilities. IOHK Media stated on Twitter that the “first simple Plutus smart contract has this week been successfully run on the AlonzoBlue Cardano testnet.”

The smart contract was written in a Cardano programmed language called “Plutus,” and according to Dimitris Poulopoulos, Delivery Lead, Wallet Technology and Product Liaison at IOHK, communication with the Alonzo node is possible and,

“ could create a very simple smart contract and pass it to the ledger.”

Furthermore, over the prior 7 day period, the technical team worked to resolve some of the issues with the Daedalus wallet, such as the removal of legacy clusters and problems that arose while transferring large amounts of native tokens.

In a bid to improve decentralization, the team built a new chain index, and discussions are already underway regarding the pull-based method utilized by the Ouroboros network.

The future of Cardano is set to welcome the Basho and Voltaire eras, which are already under development, in a bid to improve the scalability and interoperability of the Network.

In the wake of the dwindling values of Ethereum, Cardano, and Dogecoin, multinational investment bank JP Morgan sent a grim warning to investors.
A statement by the Wall Street behemoth has warned investors of a “backwardation” indicative of a bearish market.

Mike Novogratz Thinks Cardano is Up to Something

In an interview with Zack Guzman, the CEO of Galaxy Holdings, Mike Novogratz stated that he finds the valuation of Cardano shocking before going on to refer to the network as a cult.

According to an excerpt shared by Guzman, Novogratz stated that the valuation “shocks every smart developer that I know. They have done something to create this weird cult.” This triggered a response from Charles Hoskinson, the CEO of IOHK which is the organization that runs Cardano. He tweeted his reply saying that Novogratz refers to Cardano as a cult because “he doesn’t see a backdoor to get in at a favourable price or manipulate the market…”

"The first simple Plutus smart contract has this week been successfully run on the AlonzoBlue Cardano testnet" - learn more in June's mid-month development update https://t.co/3WEQi9hqCX

— IOHK Media (@IOHKMedia) June 11, 2021

At the time of writing, the cryptocurrency is trading at $1.51, which is a 5.16% gain over the period of 24 hours. In light of the positive developments, trading volume is also up by 8.61% over the last day, with a market capitalization of $48.6 billion.