The founder of Cardano has claimed that massive amounts of ADA were transferred to 217 users in a single transaction using EURO.Charles Hoskinson, a mathematician and crypto billionaire who founded Cardano and IOG, recently provided a screenshot of a successful big transaction that was performed using Cardano’s expanded UTXO paradigm.They stated that a single transaction resulted in the distribution of 16,164 ADA tokens to 217 different holders. Its prices started as low as 0.78173 ADA per transaction.
Haters of Cardano, who assert that the platform cannot scale to this paradigm, were refuted by him with the help of this example.According to a post on Reddit, screenshots of which Hoskinson provided on his Twitter page, the transaction was carried out using a decentralised application (DApp) named Space Pugs Alpha that was built on top of Cardano.The author of the post claimed on Reddit that similar transactions take place on the Cardano chain on a daily basis thanks to its Extended UTXO (eUTXO) mechanism.
The UTXO paradigm is utilised by the Ethereum chain as well as the Bitcoin chain. Cardano took things a step further and developed an enhanced version of the UTXO model. It allows far more expressive kinds of validation scripts, including scripts that achieve immutability over the entire transaction chain. Moreover, it supports scripts that can be executed in parallel.The eUTXO model is incapable of fitting more than one transaction within a block, according to the prevalent anti-Cardano narrative that is currently circulating around the cryptocurrency industry at this time.
Although Hoskinson stated that Cardano “moves mountains every year” in a tweet that was published a week ago, Cardano’s detractors continue to assert on Twitter that the creators of this network do not deliver as promised. Hoskinson does provide responses to these claims on occasion, but it appears that his detractors will not go away any time soon.Despite the fact that it is still in the top 10 list when measured by market capitalization value, ADA’s performance over the past several months has not been very encouraging. When ADA was first introduced to the market in August of the previous year, bitcoin was trading at extremely high price levels.
As a result, the growth of ADA, which is something that many people are looking forward to, may be significantly dependent on the predominant cryptocurrency, and the same is true for other alternative cryptocurrencies.