The cryptocurrency community can’t seem to get enough of Charles Hoskinson’s Cardano and the ADA token as it has now been announced that smart contracts are set to be launched, most likely in August. Cardano’s blockchain development team will also continue to reveal new details regarding the smart contract release as time goes on.
Charles Hoskinson has announced the launch of the Alonzo upgrade following the successful release of the Mary protocol, and this upgrade will likewise be launched this coming month of August.
Alonzo to bring support to smart contracts
The development company acting on behalf of Cardano, Input Output Hong Kong (IOHK), made it known earlier this week that the aforementioned Alonzo upgrade will be adding support for bringing smart contracts onto Cardano’s blockchain.
This update shall enable developers to begin building on Cardano’s platform, and the reason this aspect is of the utmost significance is that this is the same functionality that the Ethereum network possesses. As of the time of this writing, Ethereum is currently ranked as the second-biggest cryptocurrency in the world in terms of market capitalization, with a current price of approximately $2,120.
As reported by the IOHK, the upgrade will be focusing on supporting various businesses as well as providing support for those developers who wish to work on DeFi (decentralized finance) dApps.
The introduction of smart contracts indicates the next phase for Cardano’s evolution
While the implementation of smart contracts would certainly be beneficial for Cardano, supporters of cryptocurrency have stated that this is also the next logical step towards its evolution. This step indicates that Cardano will be transformed into a global distributed ledger. This makes sense, too, as any successful blockchain would ideally be required to guarantee that consumers can transfer funds as well as pay for various products in both a secure and efficient way when it does come to supporting daily businesses.
Additionally, smart contracts also assist in ensuring that any purchase or transaction can be made only when certain pre-existing conditions are satisfied, and this would thus allow for both discreet and reliable settlements to take place.
IOHK is confident that users will be able to test this new product as soon as this upcoming May and June, which will simultaneously also give time for both crypto wallets and exchanges to adequately prepare for the abovementioned Alonzo protocol as well.