IMPORTANT THREAD: Over the past 24 hours we have seen a lot of social media speculation (and let's face it, outright FUD & misinformation) over Cardano’s ledger approach and specifically ‘concurrency’. Let’s clear this up. #Cardano $ADA 1/n
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Cardano is a UTxO (Unspent Transaction Output) blockchain, which utilizes a different programming paradigm for DApps than on account based blockchains like $ETH 2/n
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The specific flavor #Cardano uses is the eUTxO – or extended model which we believe offers greater security, allows for fee predictability (no nasty surprises...) and offers more powerful parallelization. 3/n
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And to be clear, dapps are NOT limited to 1 transaction per block. By designing your service or application with multiple UTxOs, you can enforce more parallelism. This is inherent and – we believe – one of the advantages to eUTxO design as we have implemented it in #Plutus. 4/n
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We’ll publish a blog early this week to help explain the technical choices and why we believe this approach is preferable (even if it challenges a paradigm established on the account based model that developers are familiar with. 5/n
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We’ll soon release further technical documentation to assist developers. So please keep an eye out for that. Meanwhile several developers and community members including @SundaeSwap and @ArmySpies have posted good documentation and helpful videos 6/n https://t.co/Zjf8WdufvV
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These valuable community contributions help explain the reality behind the concurrency ‘issue’. We encourage you to have a look at these if you still have any concerns. #Cardano 7/n https://t.co/3mGQ07fzaV
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Yes, our approach is a novel one and requires a different approach. A number of developers like @OccamFi @CardanoMaladex have announced they have already identified ways to address this, while others are still working on their own solutions. 8/n
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We are very pleased to see that developers are already testing on the #Cardano Testnet as they continue to prepare their DApps for market. Congratulations to @MinswapDEX. This is what a testnet is for. Please give them your support. 9/n
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The #Alonzo HFC event will introduce the core building blocks of Plutus 1.0. But as we've stated many times, we are at the very beginning of ecosystem growth. 10/n
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Hundreds of developers have completed the #Plutus Pioneers course. Scores of projects have already started developing in Plutus & are at various stages of expertise and readiness. #ProjectCatalyst saw 800 project applications last week seeking $4M for #BuildingOnCardano. 11/n
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You can expect an explosion of activity over the next few months, as the developer community grows in skills and practical knowledge. Meanwhile, the availability of tools and frameworks will accelerate, starting with the #Plutus Application Backend 12/n
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Other community tools and APIs will rapidly become available. And with those, you will start seeing more DApps deploy first on the testnet, followed by the mainnet. 13/n
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The future is very bright but we are still early. The #Alonzo HFC event will deploy Plutus 1.0, the core platform which itself will continue to evolve and bring more functionality over the coming months. 14/n
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Through our Discord, we shall continue to work closely with new #Plutus developers & welcome feedback and support requests. We shall also be looking to the growing developer community and the CIP process to bring further capability based on their key requirements and needs. 15/n
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And of course this is just with #Plutus. Over time, bridges, sidechains and other layer 2 solutions will bring onboard developers more comfortable developing for the account model. #Cardano 16/n
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Already partners such as @MutualKnowledge are developing solutions like their AVOUM, which can lay an account-based model atop a UTXO-type chain for developers who prefer that way of working. Protocol upgrades like the work being done on #Hydra will add further capability. 17/n
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Things are going to evolve fast. The next few months are going to be the most exciting period in #Cardano’s history, with a huge amount of activity within the community and a host of new projects launching. 18/n
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We're are about to deploy a huge upgrade to our platform, adding transformative capability sometimes using novel and unique technical approaches. 19/n
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During Cardano’s development, design decisions and trade-offs have been carefully made to deliver – we believe – superior, more secure or more ultimately scalable solutions. 20/n
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We’ll do our best to keep the #Cardano community fully informed throughout the weeks and months ahead, and walk you through the new developments as our developer ecosystem grows. 21/n
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Your continued support is key. We have an incredible community committed to keeping others properly informed and to addressing misinformation, with courtesy and professionalism. Just as you've done over the past 24 hours. Thank you. And for your continuing efforts in this. 22/n
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Sadly, we anticipate many more attacks and FUD with concerted attempts at spreading misinformation. We shall always endeavor to address this. But we will never let it distract us. 23/n
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With #Cardano we are building something novel and unique. The #Alonzo upgrade is a transformational network upgrade. And it has been a long and often difficult path to get here. 24/n
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But remember, it is really just the beginning of a new journey. We’re looking forward to travelling this road together. Onward. 25/25 #Cardano $ADA
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@InputOutputHK Jesus I was expecting a technical breakdown of the concurrency problem and how you’re solving it. Instead this entire thread can be summarized as “Not sure but have a lot of ideas we’re working on”.
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@InputOutputHK @RichardMcCrackn @K8O5_5O8K
@sassal0x any comments or thoughts on the thread above from IOHK, in response to your irresponsible tweet regarding work being done on the Alonzo Testnet?
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@InputOutputHK Thank you for this excellent thread! I tried to address some of the concurrency FUD with an article I wrote earlier today:
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@InputOutputHK Well said, from what I seen yesterday just makes me more bullish on cardano and people are trying their best to spread FUD the best they can, while they can.
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