Cardano is the fifth-largest cryptocurrency in the market and is currently trading at $1.42 (at the time of writing). It has been one of the most prominent digital assets in the crypto market for several reasons. One of them being the Alonzo Upgrade.
Now, it has been reported that the third and last stage of the Alonzo Upgrade has started onboarding users. It is known as Alonzo Purple and has been one of the most-awaited upgrades. The Cardano blockchain is speculated to rise to an entirely new level once the Alonzo Upgrade is completely up and running.
The developer Input Output Hong Kong (IOHK) announced on Twitter.
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What to Know About the Upgrade?
The Upgrade has been one of the most anticipated upgrades for the Cardano network. It is speculated to elevate the network and hopefully add to Cardano’s value as well. However, the real impact of the fully functional Upgrade is yet to be seen.
There were three stages set for the upgrade, each named after a color.
- Alonzo Blue
- Alonzo White
- Alonzo Purple
The Alonzo White Upgrade was recently launched in the middle of July. It supported smart contracts, however, according to reports it only entertained a group of 500 users. As per reports, it also allowed minting of NFTs towards the end of last month.
Alonzo Purple is now the third and final stage of the anticipated upgrade. Once it is complete it will be the first public ADA testnet that will support smart contracts.
In a recent video tweeted by Cardano founder, Charles Hoskinson, he stated that “Alonzo is smoother than Byron and Shelley,”
Here is the video tweeted by Hoskinson.
This is an exciting time for Cardano enthusiasts as well as the overall crypto market. It is anticipated that smart contracts will be fully supported on the Cardano network by the end of this month or the beginning of September.
It is also expected that once the Alonzo Upgrade is complete it will support an ERC20 converter. This will allow the Ether tokens to run on it, which is also quite a revolutionary initiative.
Can the Alonzo Upgrade Increase Cardano’s Price?
Many Cardano enthusiasts have been waiting to see if the Alonzo Upgrade will push the price of ADA upwards, once it is complete.
As per reports, the price of ADA was seen to surge slightly after the announcement for Alonzo Upgrade was made. The price was seen to improve a little after that as well. However, it has noticeably dropped once again.
Even though a price improvement by Alonzo Upgrade is expected by many, it is yet to be seen in real-time.
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