Cardano’s Alonzo Upgrade has been a highlighting factor that has drawn a lot of attention towards the crypto asset. It also boosted the prominence and value of ADA and made it the third-largest digital currency worldwide.
It was announced via Twitter last month that the Alonzo Upgrade was completed. For the first time, smart contracts will be created and executed, with the help of this upgrade.
However, there is still plenty to be achieved in order to build a proper decentralized system.
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What to Know About Alonzo Upgrade and Smart Contracts?
The Alonzo hard fork has reportedly been completed, which is a major milestone for the Cardano blockchain. However, according to a post shared by the blockchain, the work has only begun.
“This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.”
Since the Alonzo hard fork is complete, the blockchain will now move towards the initiation of the much-awaited smart contract functionality.
According to reports, the scripts written by smart contracts for Cardano will be powered by Plutus. The team of Cardano describes Plutus as,
“a purpose-built smart contract development language and execution platform using the functional programming language Haskell.”
The team has also stated that there are plenty of expectations from the upgrade, some of which are not so reasonable. Therefore, the community has been encouraged by the team to manage their expectations.
As stated here:
“There are high expectations resting on this upgrade. Some unreasonably so. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.”
Cardano was launched in 2017 by Charles Hoskinson (co-founder of Ethereum). It was developed by Input Output Hong Kong (IOHK), which is Hoskinson’s research firm.
Despite its origination a few years ago, some crypto enthusiasts have not been impressed by the progress of the Cardano blockchain. However, the functionality of smart contracts is expected to change some minds and also take the blockchain to a new level.
Should you Invest in Cardano?
Cardano is a popular digital asset in the crypto market. It recently rose through the ranks in the crypto market and also saw a significant price surge.
Thanks to the news of the Alonzo Upgrade, the cryptocurrency was noted to see an increase of 1,600% since the beginning of 2021. Its price also increased approximately 192% from late July to early September.
Here is a graph by CoinGecko, showing the price of Cardano from July to September.
Cardano is currently trading at $2.44 (at the time of writing).
Whether you invest in ADA or not is a matter of personal preference. However, if you take a look at the Cardano price prediction and choose to purchase it then make sure you use some of the best crypto exchanges.
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