Following its hard fork, Cardano introduces smart contracts

Loading...
Advertisements

On August 12, Cardano’s twitter profile has press release that the update had been successfully completed to epoch 290, facilitating the creation and execution of smart contracts on the public blockchain.

Although the milestone has been celebrated, Cardano stresses that we are still “at the beginning of the project”, stating on the same day in a blog post that “now the real mission begins”:

Cardano announced the completion of its Alonzo hard fork, inaugurating its long-awaited smart contract functionality.

“Now the real mission begins, when we – the whole community – begin to realize the vision that we have all worked for so long. Building a decentralized system that extends identity and economic opportunities for everyone, everywhere ”.

The Alonzo fork allows you to write smart contracts on Cardano using Plutus scripts, described by the team as “a specially developed smart contract language and execution platform using the Haskell functional programming language”.

However, the team encouraged its community to maintain realistic expectations for Alonzo, stating:

“There are high expectations on this update. Some unreasonable. Those interested could expect a sophisticated ecosystem of consumer-ready DApps available immediately after the update. These expectations must be managed now ”.

Cardano is a public blockchain launched by Ethereum co-founder Charles Hoskinson and developed by his research firm IOHK.

While Cardano has always been committed to usurping Ethereum’s dominance in hosting decentralized finance (DeFi) and Web3 applications, the project has often garnered criticism for failing to provide smart contract functionality until now, despite launching in the September 2017.

Dominic Williams, founder of the rival Internet Computer platform, criticized Cardano for the time it took for the protocol to launch smart contract capabilities, stating: “It amazes me that this chain has been on the market for 2 years, it has only added support for smart contracts and people are happy with such progress”.

In early September, the first DApp scheduled to launch on Cardano’s test network encountered quite a few problems related to concurrent transaction processing.

Anthony Sassano, Ethereum maximalist, has it like this commented about: “Seriously, 6 years of peer-reviewed research, a market capitalization of $ 90 billion, and the first dapp on Cardano can’t even perform concurrent transaction processing (which is just what DeFi needs).”

The first DApp is now available on Cardano and ADA fans are finally discovering that you can’t do a peer-review to get out of fundamental problems.

Cardano has since tried to address criticism, claiming that protocol-based DApps “are not limited to one transaction per block”.

Related: Altcoin Roundup: Ethereum’s High Fees Triggers Liquidity Migration to Tier 1 Platforms

Despite its detractors, the outcry over Candano’s updates has recently taken its native ADA token to record highs: according to CoinGecko, it is up + 192% from a local low of $ 1.06 at the end of July to $ 3.10. on September 3. Since the beginning of 2021, ADA is up by more than 1,600%.

However, the ADA has been correcting since then, hovering between around $ 2.30 and $ 2.80 last week, suggesting that many speculators may have “bought the rumor and sold the news. (buy the rumor, sell the news).

Loading...
Advertisements

Leave a Comment