Cardano Completes Its Alonzo Hard Fork Upgrade with Smart Contract Launch
Cardano blockchain has finally launched its full-fledged smart contracts after completing its hard fork upgrade. The Plutus-powered contracts will establish a decentralized system that avails everyone the opportunity to develop DeFi applications. According to a blog post published on September 12, Cardano revealed that their mission is just getting started and that it’s still early days for the project.
On August 12, the blockchain made a statement on its Twitter page about the successful upgrade at epoch 290, paving for smart contracts creation for Dapp on Cardano for the first time. Now, Cardano has completed its Alonzo hard fork upgrade, launching the long-anticipated smart contract for mainnet. However, the developers advised its community not to get their hopes too high on the Alonzo upgrade.
What the Alonzo Upgrade Will Bring to Cardano DeFi Eco-Space
The upgrade will allow the integration of Plutus smart contracts into the blockchain mainnet, facilitating the implementation of smart contracts. It will enable Cardano in the development of decentralized apps. Furthermore, transaction fees will be flexible, and using it will be straightforward.
After the launch of the first Dapp on its test net in early September, users heavily criticized its functionality and took a swipe at the Cardano team for developing such an app. According to some users, the Dapp failed to verify UTxO transactions. Their point was that UTxO wasn’t supposed to be used for implementing smart contracts for Dapp. Although the team clarified the misconception, stating that the reason for going with UTxO in the first place was to offer improved security and flexible transaction fees, users still had doubts about it.
Cardano stated that while there’s a moment of celebration, the journey is still far. They will need to reflect on the challenges and give themselves room to develop and rectify any error from the smart contracts for decentralized apps. In addition, they would need to work harder than ever to ensure that they deliver on the vision the whole team has been working on for a long time.
Cardano’s journey began in 2020 when the Bryon reboot protocol for the network was laid. It then upgraded to Shelly some months later, moving the blockchain to a decentralized model. The network later underwent a Mary upgrade, giving birth to its native token. Epoch 290 followed suit before the long-awaited Alonzo upgrade.
Cardano was founded by Charles Hoskinson, Ethereum executive, and developed by his IOHK firm. The firm is a rival of Ethereum and utilizes Web3 apps. However, Cardano has been met with criticisms for its inability to launch smart contract functions despite being established in 2017. The anticipation around Cardano upgrades drove the price of ADA to a record-high from July to early September $3.10. Since then, it has slipped, hovering at $2.5.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
