Plans to launch a new smart contract for the Cardano blockchain have been revealed by the Input Output Hong Kong. This new technological upgrade for the blockchain can open new doors of opportunities for Cardano.

According to reports, a series of the upgrade will be launched in multiple phases, Alonzo being the first part. The first testnet for ADA’s Alonzo upgrade is anticipated to boost Cardano and make it a direct competitor of Ethereum.

This can also pave the way for new opportunities for Cardano investors. If you are also looking to invest in Cardano then you can use Binance and Kraken, which are two of the safest crypto exchanges in the market. Choosing reliable exchanges for crypto investing is essential, especially for novice parties.

Will Cardano Skyrocket After This Upgrade?

As mentioned earlier, Alonzo will be launched one phase at a time, distinguished based on color. The currently launched phase is categorized as ‘blue’, which is to be followed by Alonzo White and Alonzo Purple.

IOHK has announced that they have already begun the onboarding of a small group that will help the blockchain in laying the foundations of the Cardano Alonzo Smart Contracts.

The Alonzo upgrade will introduce new features to the ADA network, which will ultimately facilitate the development of new dApps (decentralized applications). The entire plan is likely to materialize as more users will be introduced after the integration of new features and testnet functionalities. More developments and details will be shared by IOHK in the future.

Charles Hoskinson, a prominent figure in the world of crypto, claims that the technical improvements in Cardano will enable the blockchain to overcome problems that are faced by others. The overall progress of Cardano has been impressive this year as the crypto attracted many investors and with the introduction of the new Alonzo upgrade, ADA is anticipated to be a standout platform of DeFi.

Even though it is yet to be seen, many anticipate a surge in Cardano’s price after the new technological upgrade.

Should I Invest in Cardano?

The technological development planned for Cardano can take the price, prominence and utility of the digital asset to a whole different level, provided it is executed as planned.

ADA has already grabbed the attention of numerous investors and stands out amongst other altcoins in the crypto market. It is a popular crypto asset and if you are interested in buying Cardano then make sure you use a secure exchange.

However, if you are looking to make a big investment Bitcoin is a suitable digital asset to opt for. The best way to purchase Bitcoin in a safe and stress-free is to use secure exchanges such as SwissBorg or Kraken. You can also ultimately consider crypto trading in which case one of the best Bitcoin trading platforms for beginners is Bybit.

If you have a busy schedule and lack the expertise to actively trade then you can also opt for copy-trading and use PrimeXBT Covesting.