the uh the setup for cardano and we're achieving that now because of the architecture but you know
reddit won't agree telegram won't agree twitter won't agree guys it's noise and it's fud all right
welcome back everybody to altcoin daily my name's austin you are being lied to about cardano and
i'm not gonna take it you see on this channel the reason that you subscribe is because we
drop a video every single day demystifying this cryptocurrency market so you can make the best
decision possible for you so in today's video i want to play you this very important clip
of charles hoskinson himself clearing up the fud as well as share the most recent news which you
should know as a cardano holder like always check the timestamps down below in the video description
hit the like button and let's jump in there is a suspicious amount of new cardano fudd
in this run run-up to the september 12th upgrade of smart contracts for cardano you
probably noticed this if you're on social media it seems like a lot of low karma profiles have
all gotten together starting the rumor that dapps on cardano can only do one operation per block
that is absolutely not true it's fud and people should be aware of what's happening
so these seem to either be bot accounts or a coordinated effort by other crypto communities
each of these posts are full of comments like yeah just tried the test net doesn't work when
you click their profile it's people who have only been on reddit for one or two days but for some
reason still dabble on the cardano test net super fake anyway regarding the fud it is coordinated
it is big and it is expensive and nobody does that without a reason they want your coins for cheap so
beware and by the way today's video has nothing to do with price price could do anything cardano is
up over a thousand percent this year nothing wrong with taking profits but getting back on point and
before i play you that clip of charles hoskinson why are we seeing why now this coordinated fudd
and let me show you an example just from one day ago cardano smart contracts unusable for defy
so apparently early d5 projects running on the cardano test net are not able to properly operate
defy transactions due to the limitations that cardano has which only allow one transaction to
process per block wow and i can prove to you this is fud by looking at the account and here it is
like this right now this is his account we can see first off his most recent post i guess he's a big
solana guy he's trying out solana nfts we scroll down a little and whoa hey wait a minute what
is this in multiple different subreddits he is attempting to post positive things about polka dot
and kusama he's in the polka dot camp and by the way nothing is wrong with that i like cardano i
like polka dot but the point is there does seem to be a clear conflict of interest from these posts
i mean what do you think give me your thoughts down below in the comment section
but moving forward let me play you this 5 minute clip which is very valuable this is charles
hoskinson himself addressing fun like this listen to him explain how different communities in this
industry dismiss cardano and fud cardano because it's not their community they cite vanity metrics
when they should be looking at the underlying protocol in this five minute clip listen to
charles talk about the cardano computing layer the considerations for the design layer and if
just in general you're asking why cardano charles explains it's because of the stability of the base
foundation this is a longer clip but it's worth it keep listening watch this
the problem our industry has is they basically say well if you don't support my thing or i can't
see a way to make my thing work what you have constructed is absolutely useless forever useless
and it's just a toy and then they use vanity metrics not even understanding what they're saying
uh you're only at this performance level you only do well increase the block size oh well
okay they don't really understand how all these components are interconnected to each other and
or operate with each other what they really don't understand is the single hardest thing to do and
this is what bitcoin solved and it's why it's worth a trillion dollars is the establishment
of a root of trust what cardano has done is be the largest proof-of-stake system in the world
with an efficient root of trust with a beautiful model
that will make it easy to roll out computation layers this was the goal that we wrote down
i actually wrote the paper but you know this right here why cardano back in 2016. i said we want to
have this idea of a computation layer we want to design in layers this is the notion we need
we need to somehow figure this out and it was a humongous technical challenge and there were a
lot of moving pieces to it and what we've done is we've basically figured that out and now it's just
a matter of deciding the most efficient connection protocols implementing things like mithril and now
because we have stable foundation we can work in parallel different teams can do things competing
teams can do things and by the way competing teams was one of the design principles that we have
you know a heavy use of interdisciplinary team and infosec fast iteration
competing teams these were some of the design goals that we had uh inside uh inside this uh
the uh the setup for cardano and we're achieving that now because of the architecture but you
know reddit won't agree telegram won't agree twitter won't agree guys it's noise and it's fud
it is one of the hardest things in the world to build a truly scalable distributed system
that is decentralized and admits byzantine actors and to make that system programmable it's so hard
that the bitcoin community for over 12 years has been trying to figure out how to do that
in a way that they consider to be safe we as a project took an enormous amount of inspiration
from the successes of bitcoin and the successes of ethereum and a lot of the ideas that have come out
of the third generation and what we tried to do is put together a representative sample of the best
things that we think for example most of the flaws that we see in d5 and historically
ethereum smart contracts come in trying to deal with complicated financial arrangements
that's why we created a dsl to make those simple and safe you need to admit that there's a world
outside of your system so you need the ability to batch and match and process off chain so we built
that right into the system and into the language and we're showing people how to do that with the
plutus pioneers program and all these applications are coming up with that we wanted to connect to
the formal methods and high assurance world so we chose a functional language as the entry point so
that there'd be a significantly easier and lower cost path to do that level of verification because
there's so many hacks and flaws and other such things concurrency comes naturally it comes either
with off chain interactions state channels it comes with concurrent state machines and there's
ways to do that they can be brought in it comes with clever load balancing of different utxos
you know linking them together with nfts there's all kinds of design patterns that you can do
and we spent the money to bring in different independent development firms to build things
because those firms are going to solve things a different way and they make that code
available to all of you not in six years but this month and next month and the month after
and there's a stack exchange card on stack exchange people can ask questions and if you
still don't like the model well then just take the other model that you guys like there you go
and just live in that model and all that tooling is reusable but the difference is they
run on proof of work right now and they're super expensive and we're going to run on obft right now
that's kind of like what binance smartchain is doing it's a lot cheaper okay everybody gets a
cow everybody gets a chicken chicken in every pot that's the way we built the damn thing okay and
what we're shipping on the 12th is a massive massive upgrade because you can now have full
programmability you now have spending policy you now have interoperability we can do stable
coins you can do marlow these things all will come naturally and yes dexes will be here yes oracles
will be here and they'll certainly have all kinds of cool features and functionality there none of
this was possible before plutus existed and now that it does all of these things are possible
okay you don't throw out all the innovations of the last 12 years you don't throw out the concept
of a blockchain and what bitcoin is accomplished in that methodical pace you don't throw out
all the security models that have been painstakingly figured out you don't throw out all
kinds of stuff just because some junior developer can't figure out how to do something what you have
to do is you have to teach them and you have to show them and you have to build the infrastructure
you have to build the tools you have to build the abstractions you have to build the services
that's the power of cardano i like it give me your thoughts down below in the comments section
but i guess my general takeaway is always do your own research never just trust the headlines
do some digging also remember that september 12th smart contracts for cardano that's not the finish
line in my opinion that is the starting line that's when we really see when we can really
see the potential that the cardano ecosystem could be but also at the same time nothing wrong
with taking profits cardano is up over a thousand percent this year like i said you'll never regret
taking a little profits but that is the video my name is austin like always see you tomorrow