On September 12, the long-awaited Alonzo hard fork upgrade successfully launched at epoch 290 yesterday. For the first time, users can develop and execute smart contracts on the public blockchain.
Before the launch, ADA was rallying, but it was driven mainly by speculation. Now that the upgrade has taken place, ADA is trading at $2.39, which displays a 10% dump. However, Santrends shows that among social media discussions, Cardano occupies a top three slot.
The Alonzo Hard Fork
Charles Hoskinson, the Ethereum co-founder, created Cardano. He aimed to challenge the Ethereum ecosystem in hosting DeFi and Web3 applications. But, since its launch in 2017, it was not able to add smart contract capabilities.
The Alonzo Hardfork has taken a while to complete. However, the team has said that the wait was to ensure the best quality and high security. Hence, Cardano developers only made the launch after a series of testnets. The first set up Alonzo Blue, then White, Purple, Red, and finally Black.
Each testnet concentrated on a particular functionality of the upgrade. Developers assure users that Alonzo is a properly finished product.
Cardano’s Impact After Alonzo
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The main thing that Alonzo is bringing is the ability to create smart contracts on the platform. As of now, most developers use the Ethereum blockchain for smart contracts such as DeFi apps, NFTs, and blockchain games.
Even if other blockchains are coming up, Ethereum has a significant share. Cardano mitigates some issues that the Ethereum ecosystem faces drawbacks. It is more scalable and uses Proof-of-Stake.
A practical 5 step roadmap gives a clear insight into where Cardano has been and what to expect in the future. The five, Bryon, Shelley, Goguen, Basho, and Voltaire, systematically bring radical developments to Cardano.
Currently, we are in the Goguen era. The Cardano community will have power over the platform’s decisions through community votes by the end of the five.
Beginning the Mission
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Despite the milestone, Cardano is emphasizing that the project is still in its early stages. According to its developers, now is when the mission begins. Its vision to build a decentralized system for everyone is now becoming more apparent.
The team urges that the community maintain realistic expectations for Alonzo. Cardano enthusiasts can expect a complex ecosystem of consumer-ready dApps after the upgrade. Such anticipation, as Cardano insists, is reasonably practical. The rest should follow such a realistic layout.
One analyst believes that its market cap will go up because users have staked over 71% of the total ADA supply. So far, the staked amount totals more than $31 billion. Ultimately, more market cap means more users are attracted to the platform. Hence, there is more staking. All in all, with significant milestones on their way, ADA’s next ATH has many contributors.
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