Cardano’s creator, Charles Hoskinson, just set a date for the long-anticipated upgrade to the popular cryptocurrency platform called Alonzo. The development team set the date for launch on September 12 which will finally unveil the much-awaited smart contracts.
Cardano (ADA) is a cryptocurrency that promises to use blockchain technology to solve real-world problems. One of its partners is the Ethiopian government, which will use Cardano’s network to monitor the educational records of 5 million students. With Cardano’s system, each student will have a tamper-proof academic record that could give them opportunities such as getting a job or studying abroad.
Cardano will compete with other programmable blockchains by implementing smart contract functionality. This exciting change will dramatically increase the possibilities of what Cardano’s partners can do with the blockchain.
Smart contracts are tiny pieces of programming code that live on the blockchain. They allow for a ledger to become a programmable platform. Without them, a blockchain database is a sophisticated system that can only record and track transactions and data. But with smart contracts, it’s possible for the blockchain to change from just being a ledger into a system that has anything that you want to use it for.
Cardano wants to make smart contracts easier for people who don’t necessarily have a technical background. For example, Cardano’s Alonzo software upgrade has its own language for developing smart contracts called Plutus. This way, users with less technical experience can design and develop smart contracts—and not need to know about programming.
Here are some of the things you can expect:
Decentralized finance (DeFi) applications: These are a group of financial apps that work without middlemen, like banks. For example, loans without banks.
Non-fungible tokens: or NFTs for short, are one-of-a-kind digital assets. These collectibles have built-in digital signatures that contain ownership information.
Gaming applications: Players can now own digital assets. These assets, or non-fungible tokens, can be traded on the blockchain and change the way gaming economies work.
Cardano and smart contracts
As a competitor in the cryptocurrency race, Cardano believes in taking its time and doing things the right way. Cardano’s research and development is incredibly thorough before implementation. Most cryptocurrencies don’t take this approach and instead release products before they’re fully tested and updated over time.
Cardano’s method seems to be doing well in the long run. They’ve designed the blockchain to address some of the issues that Bitcoin and Ethereum are facing. This seems like it will lead to a more secure, stable, and robust product in the future.
In the short term, it means other platforms, especially Ethereum, have had more successes. About 80% of decentralized applications are currently built on Ethereum.
Ethereum is struggling with high demand. Because its platform has not been upgraded, it’s difficult to maintain the network’s speed. This has led to a number of problems that Ethereum users have had to contend with, such as high fees and network congestion. However, Cardano may be able to attract some of these users because of their smart contracts.
Cardano is not only growing in popularity with investors, but it is also climbing in price. In anticipation of the Alonzo upgrade, Cardano’s price has been on the rise. One of the best parts about investing in Cardano is that it can be found on all top cryptocurrency exchanges. The most recent peak in its price was $2.97.
Alonzo is a new programming system launching soon. It’s important to mention, though, that developers and anyone interested in Cardano will be able to watch the progress and contribute to the next steps for this coin. There will be a Cardano annual summit in September that will be streamed online for virtual viewing.
The Cardano project has come under fire recently for delays in smart contract development. The primary concern is the amount of time it’s taken to launch smart contracts. The successful launch of smart contracts would not only be an accomplishment but also reassure investors that Cardano can deliver.