Alonzo – their smart contract upgrade – first introduced the Cardano blockchain (ADA) on a test network basis in May.
Cardano Blockchain (ADA) introduces Alonzo – its smart contract upgrade
Alonzo will be launched in three phases, blue, white and purple Alonzo, each of which will be open to the wider public until fully integrated. Now it is nearing the end of the purple phase that hit the market in August.
This has sparked anticipation for all of the features that will soon be available on the network. ADA’s price jumped to a new all-time high of more than $ 3 last week after Input-Output, the company that develops Cardano, announced it had Plutus smart contract functionality on its testnet. Protocol as part of Alonzo Purple.
Plutus’ smart contract platform enables developers to build decentralized applications. The first decentralized financial application, MinSwap, was tested on the network with it. The implementation was not without its problems, however, as there were complaints of network restrictions that resulted in the beta being discontinued to address the issue.
However, the network is continuing its plan of fully integrating smart contracts into the network, effectively ending the purple testnet Alonzo and moving to the mainnet. The event is scheduled to take place in a few hours on Sunday, December 12th.
Can Cardano finally wipe out Ethereum?
Hardfork can be a big game changer for the network and the entire crypto market. The anticipation that comes with it is attributed to a number of factors that have the potential to lead the crypto industry in a new direction.
With the hard fork, it is expected that all types of decentralized applications (DApps) with smart contracts can be set up on Cardano. This means that Cardano’s use cases will be expanded to support Decentralized Finance (DeFi) and Decentralized Exchanges (DEX) to add NFTs that can already be minted and traded over the communication.
On release day, developers are expected to be able to interact with the platform’s CLI interface. The core development team has announced that selected functionalities will be available at launch. However, the use of Plutus, the framework that enables the provision of smart contracts in the network, will be made possible by later updates for the public.
For this reason, market sentiment is currently polarizing for the launch. Supporters agree that Cardano could overturn Ethereum’s dominance as a de facto smart contract platform, but agree on how and when to do so. This possibility is high because Cardano opted for a proof-of-stake protocol that is more energy efficient and offers cheaper transaction costs than Ethereum. Cardano is also more convenient than Ethereum in processing transactions.
However, the challenges Cardano faces when testing the smart contract platform, which suggests that the network is causing scaling issues when dealing with decentralized applications, can slow down the implementation of all achievable functions.
Some developers have claimed they solved the problem, but no one has revealed their solution. SundaeSwap, one of the Cardano-based DeFi applications, also claims to have solved the problem, saying the launch date will be postponed to mid-October.
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