Users Can Run Smart Contracts after Alonzo HardFork Launches, Says Cardano Founder
Cardano has undergone a number of upgrades and projects including strategic partnerships since the year began. However, a major highlight of all the scheduled projects is the Alonzo Hardfork, which will introduce smart contract functionality on the network. Cardano hopes to imitate Ethereum which is the pioneer of smart contracts-enabled networks. The Alonzo upgrade began in May.
On this, Cardano’s founder has noted that as soon as the upgrade is complete, users will be able to deploy smart contracts on the network. The Alonzo upgrade is highly anticipated by the Cardano community and will be a new trajectory for the network, the Cardano community and the native cryptocurrency for the network, ADA.
Charles Hoskinson Says Upgrade Going as Planned
While intimating the Cardano community on the project’s progress on a YouTube live, Charles Hoskinson said that things are going as planned for the upgrade. He said, “We are on schedule, things are moving along, chugging away.” Hoskinson acknowledged that the Hard Fork upgrade needed a lot of input and was divided into two parts, which were going on concurrently.
According to Hoskinson, the first part involved the fork’s combinator event, which is aimed at deploying Alonzo potentialities on the network. While the second enables developers to integrate a framework that allows for running off-chain and on-chain programs and also building decentralized applications.
The Hard Fork upgrade is scheduled for completion by September. With only a month left before September arrives, Hoskinson is of the opinion that a bulk of the integration will be done within August and September. As soon as the upgrade is fully deployed, the network becomes primed for smart contract usage by the Cardano community and crypto enthusiasts.
The Cardano founder also noted that the upgrade will create an environment for Cardano-owned decentralized apps like the Marlowe to be built and integrated into the network. In addition, he anticipates a vast adoption rate for the blockchain as soon as the smart contract functionality launches.
“… people will be running things on the Cardano on blockchain and the sophistication of those things and the interfaces of those things will only get better over time.”
Staking Addresses Increase as Alonzo Full Deployment Approaches
As of early July, it was reported that 50,000 new staking addresses joined the Cardano network as the crypto community anticipates the project’s completion by September. The latest report is that Cardano has attained a landmark of 660,000 staking addresses. The estimated amount staked across ADA staking pools is more than $29 billion and represents over 70% of the coin’s overall supply.
In recent times, Cardano has partnered with a number of projects, including a project to introduce a teacher-student identification and grading system in Ethiopia. ADA has become one of investors’ favorite cryptocurrencies. Leading asset management firm, Grayscale recently added ADA to its Large Cap Investment Fund, making it the third largest after flagship cryptocurrency, Bitcoin and largest altcoin by market cap, Ethereum.
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