By Shelly Melancon (Switzerland)
Proof-of-stake blockchain platform Cardano has revealed that it is planning to start its Alonzo purple update on September 12, 2020. The news was revealed by a top-level executive at IOHK, Tim Harrison. IOHK is a fully decentralized remote firm that powers the Cardano network.
Smart Contacts On Cardano
If successful, the upgrade will enable users to run smart contracts on the chain. Head of delivery at Cardano, Nigel Hemsley, opined that Cardano’s engineering and test teams are putting in their best efforts to ensure that the upgrade happens on the mentioned date and is a success.
Meanwhile, projects in the Cardano ecosystem are already upgrading their Plutus programming language (the language of their applications) to ensure that their projects remain active after the upgrade. According to Hemsley, there should still be over 500 members in the Cardano ecosystem after the upgrade is over.
The Cardano foundation team and three-quarters of its exchanges must agree before any upgrade can be approved. In the next three days, IOHK will release the last upgraded mainnet for the core of the Plutus node. By the first of next month, Cardano hopes to have launched the hard fork of its upgrade for team members to observe the working of the actual upgrade in a production environment.
Hemsley revealed that once the hard fork is successful, it is proof that the Alonzo upgrade can be deployed successfully on the mainnet. Hemsley also said, “We deploy the Plutus full features towards the hard fork and will see how it goes from there. Thus, we would have a basis from which we can expand the network while other projects can be developed on it.”
ADA Edges Past $2
Cardano’s native token gained over 51% for the week to surge past $2 today. ADA surged past $2 in the morning trading session to about $2.08 following an overnight gain of $0.26. But as of this writing, it has declined slightly below the $2 range.
While it is a little off its all-time high, which it sets in may before the downtrend in the entire market, its rise today represents its highest rise since that time. The news that Cardano’s upgrade will soon be launched was one of the main reasons for the sharp surge in ADA price.
In crypto circles, it is a known fact that network upgrades usually lead to a bullish run for the network’s token. While GRT (The Graph) was the highest gainer today, ADA was next and wasn’t far behind. ADA’s performance today made it replace the Binance coin (BNB) as the third-best cryptocurrency.
This week Cardano and bitcoin have been battling their respective resistance ranges. Bitcoin had struggled all week to overcome the $47,600 levels that would enable it to reach the $50,000 point, while ADA was battling the $1.90 levels before it finally broke out of it this morning. In the meantime, optimism of better performance is now expected from decentralized finance (DeFi) tokens after a multi-month of poor performance like the entire cryptocurrency market.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.