A Redditor takes a closer look at the interest surrounding the Cardano smart contract platform and questions whether the fanbase is too loyal about the project to remain neutral.
Redditor LewiOcBT asked users on the Cardano subreddit if their enthusiasm for their project, as well as any criticism that could benefit Charles Hoskinson’s budding platform.
The user assures the Cardano Reddit community that they are the supporter of the network, but also wonders if they can remain neutral in their review of the seventh largest crypto asset by market capitalization.
“Yeah we all love Cardano here and crypto in general and it’s great. I like this Reddit page, but there is a danger that this place has become the “Echo Room” (where one type of view prevails, opposing views are not supported but humiliated). Are there any negatives you can think of about Cardano? Why should someone not invest? Every professional will inevitably have some downsides. ”
In this way, users started to list the things they saw as problems or deficiencies and needed to be fixed.
According to drtheo94, a Reddit user, Cardano’s main shortcoming is that it still lacks the smart contract functionality that its central rival Ethereum has had for almost a decade.
“The most common criticism I’ve seen on other subreddits is the lack of smart contracts. Cardano has a roadmap with a timeline for when to expect everything, including smart contracts, but not everyone reads it and expects things to go well. “
The company behind Cardano, Input Output Hong Kong (IOHK), announced earlier this month that smart contracts will launch on blockchain this August.
Meanwhile, the SoHandsome_3823 user argues that Cardano’s biggest drawback is its long-term approach to development.
“The cons I have seen about Cardano; either the project has failed or it is not a short term project. It will take five, ten or fifteen years to reach the level of mass use. We don’t know what the world will look like at that point… ”
Cardano’s slow growth is a factor that Reddit user KeyReturn7424 also calls a potential disadvantage in the struggle to attract users.
“This is a very slow project. In 5-10 years, a lot can and will happen. Smart contracts are coming, but will large corporations buy it or will they stick to Ethereum? Nobody knows, but the sooner Cardano starts rolling out contracts, the better. ”
Redditor Geltmascher; He worries that Cardano’s projects in Africa, such as the blockchain-based identity solution in Ethiopia, could pose a reputational risk if they fail.
“We are all very excited about developments in Africa, but if the project fails, it could damage the perception of the Cardano project as a whole.”
According to International-Trip42, the supply of Cardano’s ADA token, currently about 32 billion in circulation according to CoinMarketCap data, could be another discouraging element for investors.
“The high number of coins in circulation means that the growth area is now pretty low. This may cool some “investors” because the price will not act anytime soon. ”
At the time of writing, according to CoinMarketCap data, ADA is down roughly 1% a day, trading at $ 1.34 and hovering around $ 43 billion in market cap.