The Cardano network has successfully activated the very welcome Alonzo hard fork.
The upgrade introduces intelligent contract functions and paves the way for developers to launch a range of new projects and applications on the network, such as DeFi, NFT and stablecoins.
1/2 upgrade successful.
A few moments ago we did #Alonzo Upgrade when changing epochs.
– input output (@InputOutputHK) September 12, 2021
“Upgrade successful. A few minutes ago we rolled out the Alonzo upgrade at the time of the transition between the epochs. Welcome to the new era of Cardano. “
Cardano creator Charles Hoskinson believe The long time before the platform’s smart contracts era will benefit the entire crypto industry.
“We have been working for a very long time, there are members who have been in existence for more than four years. We did our best. We have made hundreds of presentations, dozens of reports.
A lot of code has been written and very careful thought has been put into developing a very novel model that is everywhere beneficial as a test of what we believe is a good industry model.
One of the most important things to keep in mind when talking about smart contracts on Cardano is Plutus – the framework that enables this functionality. Plutus is used to define the parameters of the extended UTXO model. According to the team, it offers unique advantages over different billing models.
In addition, the Plutus Application Framework (PAF) provides access to applications and services running on the network and must also include full web browser interoperability.
Hoskinson was seriously thinking about the next steps for the ecosystem, including the introduction of the Plutus app backend, which offers a number of components that enable both technical and non-technical users to build a network.
“Yes, today ended successfully. and the next morning (Monday September 13th) we woke up as usual to work. But a lot of different things will happen. The network is likely to get heavier because people are testing everything and that’s fine.
And a few weeks later the latest and greatest version of the Plutus app backend will be released and we will have the Cardano summit in 2021. It will be a great event. “
Before the hard fork was triggered, Cardano beat the competition with the highest average commits per month (CPM) last year, up 24% over the previous 12-month period, according to Outlier Ventures. In addition, Cardano is also “555% more active than the overall average of all protocols”.
The source: Runaway companies
It’s worth noting that Github commits can be one of many metrics related to developer changes and the physique of a project. However, over the years, some experts have pointed out the shortcomings of this metric, that mature projects may not require many upgrades. Here’s what Cardano pledged over the past week Github.
The source: Github
Cardano CEO said Alonzo will bring adoption benefits to the network:
Cardano is also trying to use the capacity of the network to accommodate more transactions per second. It currently reaches around 250 TPS while ETH only has 15 TPS.
ADA price drops slightly after the upgrade
Overall, ADA’s price didn’t change much in the wake of the major upgrade that marked the beginning of a new era.
Yesterday, Bitcoin Magazine reported that the price of the Cardano network’s native token rose 16% in the 15 hours before Alonzo was activated. But since the successful upgrade, ADA price has fallen slightly, losing nearly 2% in the past 24 hours and trading at $ 2.48, up from yesterday’s high of $ 2.78.
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