In preparation for the ADA network’s smart contract functionality finally debuting, ADA, the native currency of Cardano, a blockchain rival to Ethereum, soared to a two-month high on Wednesday morning.
Smart contracts are programs that eliminate the need for a middleman, power a wide range of decentralized applications, including non-fungible token platforms, games, lending protocols, and exchanges, and have fueled the development of many multi-functional blockchains such as Ethereum, Binance Chain, and Algorand. Hoskinson stated that the hard fork, or upgrade, will take place before the Cardano Summit in September,
We’ll be able to announce when the Alonzo hard fork is going to happen, and at that point…run smart contracts on Cardano.
Cardano wants to set itself apart from the competition by developing its platform using peer-reviewed research. More than 100 scientific papers have been published by its team of engineers and academics on the underlying technology, which aims to overcome scalability and other difficulties that plagued its predecessors.
Hoskinson also believes that the dominant cryptocurrency Bitcoin is inferior in front of Cardano as Bitcoin uses a lot of energy, lacks a lot of other features, and is the least programable of all the cryptocurrencies.
Cardano, a public blockchain platform, has established its position by undertaking large-scale projects such as introducing its framework in Ethiopia, beginning with a blockchain-based education system. IOHK and the Ethiopian government will change various areas in the coming years, ranging from farming to medical care, and finally assisting the impoverished nation to achieve the much-desired lower-center pay status by 2025.
However, Cardano’s large and active community has been irritated by the slow development of important features such as smart contracts. Cardano may now be able to compete on an equal footing with its rivals with the imminent launch. According to Coinbase, the fifth-largest cryptocurrency by market capitalization has risen 14.5% in the last 24 hours and is now trading at $1.78, a price level not seen since the first week of June.
New to Crypto? Enroll in Cryptocurrency Course at Todayq Education