According to a post from a Redditor, Cardano has a total market cap of about $2.5 billion. It is the 8th largest cryptocurrency, questions the Redditor. The post also says Cardano has this high market cap without a fully functional blockchain. With this post, it started a buzz in the whole community of cryptocurrencies.
The Redditor stated in the post that Cardano is a blockchain with a wallet. There is nothing more than just a blockchain with wallet in Cardano, according to the Redditor. The Redditor went on talking about Cardano that they are on staking and no other features are available than fund transfer.
The Redditor questions what made Cardano the 8th biggest crypto and what makes it worth 2.5 billion dollars.
Another Redditor commented saying that once the project releases a functional product, it tanks. He further questions why would Cardano release a working product then.
It grew more attention and another comment came which said that once the product release happens, there is no demand for that product and the token overpricing is not needed. While another one commented that Cardano does not release the product because of this reason, and currently, Cardano would be anything.
Reputation Destruction Campaign of Reddit to hurt the products of Cardano
The post also involved the CEO of Cardano, Charles Hoskinson. To tackle the situation, the CEO slams Cryptocurrency firm Reddit as hate and FUD. He says the hate and FUD are against the 9th largest cryptocurrency which remains strong in this situation. Hoskinson also says that because of this reason nobody likes Reddit.
Hoskinson further slams Reddit and questions that to whom did he cheat and what scam he did. According to him, the rumors are baseless. He says these comments are toxic and for reputation-destruction campaign spread by FUDsters. The comment means only to hurt the products of Cardano for financial gain.
While the believers of Cardano believe in peer review, paper and methodology work for them. The network also considers things like quantum resistance. The company also works with Africa to drive the support from.
Reddit Comes Forward to Give Explanation
To this, Reddit explains. It says Cardano is slow and steady in approach. One Redditor also explains in detail that the mainnet they use is live for a year and a half. They use the browser wallet which goes by the name Yoroi which is a paper wallet. They also use command line wallet for Linux, Daedalus for Mac and windows. Daedalus is a full code graphical desktop wallet.
The Redditor explains node implementation. For instance, Haskell and Rust, VM for smart contracts, and various testnets. It uses the programming in Solidity along with Plutis languages.
Reddit also clarifies that after some three monts, they will decentralize it and make it live. After some months they will also focus on smart contacts. They aim to employ more smart contact language.
However, the slow approach of the firm is still a matter of question for so many. People also speculate whether the strategy involving Africa will work in favor of Cardano or not.