Bitcoin
BTC$29 106.25

-2.42%

Ethereum
ETH$1 948.76

-4.39%

Tether
USDT$0.998927

0.01%

USD Coin
USDC$1.000000

-0.02%

Binance Coin
BNB$295.00

-1.85%

XRP
XRP$0.409415

-4.38%

Cardano launches smart contracts after successful hard fork


13 Sep 2021

#Cardano

Cardano has completed its Alonzo hard fork to introduce Plutus-powered smart contract scripts. On Aug. 12, Cardano tweeted that the upgrade had been completed successfully at epoch 290, facilitating the creation and execution of smart contracts on the public blockchain for the first time. Despite celebrating the milestone, Cardano notes that it is still “early days for the project,” asserting that now is when "the mission truly begins” in a blog post published on the same day. Cardano has announced the completion of its Alonzo hard fork, ushering in its long-awaited smart contract functionality.

“This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.”

The Alonzo fork enables smart contracts to be written for Cardano using Plutus scripts, which the team describes as “a purpose-built smart contract development language and execution platform using the functional programming language Haskell.”

However, the team has encouraged its community to maintain sensible expectations for Alonzo, stating: “There are high expectations resting on this upgrade. Some unreasonably so. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.”

Cardano is a public blockchain that was founded by Ethereum co-founder Charles Hoskinson and developed by his research firm IOHK. While Cardano pledged to rival Ethereum’s dominance in hosting decentralized finance (DeFi) and Web3 applications, the project has garnered criticism for failing to deliver smart contract functionality until now despite launchin in September 2017. Dominic Williams, founder of rival platform Internet Computer, slammed Cardano for the amount of time taken for the protocol to launch smart contracts, stating: “It amazes me that this chain had been in the market for 2 years, and is only just adding support for smart contracts, and people are happy with this progress.”

Cardano also copped flak in early September after the first DApp to launch on its test net encountered issues relating to failed concurrent transaction processing. Outspoken Ethereum maximalist, Anthony Sassano, tweeted: “Seriously 6 years of "peer-reviewed" research and a $90bil+ market cap later and the first dapp on Cardano can't even do concurrent transaction processing (aka the very thing you need for DeFi).” Cardano has since sought to address the criticism, asserting that DApps built on the protocol “are not limited to one transaction per block.”

Despite its detractors, the hype for Candano’s upgrades recently drove its native token ADA into record highs, with ADA rallying 192% from a local low of $1.06 in late July to tag $3.10 on Sept. 3 according to CoinGecko. ADA is also up more than 1,600% since the start of 2021. However, ADA has since dipped and spent the past week oscillating between roughly $2.30 and $2.80, suggesting many speculators may have bought the rumor and sold the news.


Related

Cardano-based Clay Nation partners with Snoop Dogg on new NFT collection
Cardano-based Clay Nation partners with Snoop Dogg on new NFT collection
Crypto exchange Coinbase to offer ADA staking services
Crypto exchange Coinbase to offer ADA staking services
Cardano daily transaction volume surges but ADA prices slump
Cardano daily transaction volume surges but ADA prices slump
Cardano price paints 'death cross' with ADA at two-month lows vs. Bitcoin
Cardano price paints 'death cross' with ADA at two-month lows vs. Bitcoin
Cardano to enable new DeFi stablecoin with Coti
Cardano to enable new DeFi stablecoin with Coti
ADA price drops 10% following Cardano’s long-awaited smart contracts rollout
ADA price drops 10% following Cardano’s long-awaited smart contracts rollout
ADA price hits $3 for the first time as Cardano, Ethereum lead crypto super bull cycle
ADA price hits $3 for the first time as Cardano, Ethereum lead crypto super bull cycle
Number of Cardano millionaires rises by 173% after ADA price hits new highs
Number of Cardano millionaires rises by 173% after ADA price hits new highs
Cardano price eyes $3, but ADA chart fractal hints at a potential 40% correction
Cardano price eyes $3, but ADA chart fractal hints at a potential 40% correction

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.4% 82 $29 106.25 -2.42% 5.31% $554 291 732 800 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.4% 82 $1 948.76 -4.39% 2.87% $235 479 609 902 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.998927 0.01% 0.45% $74 133 574 134 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000000 -0.02% -0.02% $52 342 870 112 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 60.4% 84 $295.00 -1.85% 22.08% $48 166 486 706 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 67.2% 71 $0.409415 -4.38% 13.13% $19 792 398 575 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $0.999245 -0.27% -0.42% $18 398 603 846 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.2% 79 $0.514791 -8.42% 17.73% $17 375 510 992 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 63.2% 84 $50.79 -8.30% 15.69% $17 139 777 776 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 87 $0.084252 -5.17% 11.85% $11 177 788 099 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 60.4% 78 $9.61 -8.87% 19.27% $9 486 356 576 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.6% 82 $29 092.16 -2.40% 5.58% $8 144 434 333 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 82 $29.59 -11.64% 6.16% $7 963 113 848 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 70.8% 55 $0.071826 -0.02% -1.60% $7 007 431 948 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.6% 1 $1.000124 0.04% 0% $6 501 256 168 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.