Entering the era of smart contracts, Cardano mainnet deploys Alonzo hard fork upgrade

Cardano completes the most important upgrade to date. On September 13, Cardano development company Input Output said on Twitter: “The upgrade is successful. We are deploying the Alonzo upgrade. Welcome to the beginning of the #Cardano new era.” At this point, Cardano has completed the Alonzo hard fork upgrade and officially entered the era of smart contracts, which is also in line with the team’s original schedule.

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As of press time, Cardano ranks third in the global crypto market value rankings. Thanks to the upgrade news, Pooltool data shows that as of September 10, 2021, the number of Cardano ( ADA ) pledge wallets was 82,1024, an increase of 212,633 compared to June 3 (608,391), which is an increase in three months. 34.95%. The total value of pledged ADA is 57.57 billion U.S. dollars, accounting for 71.4% of the total ADA supply.

In addition, as the price of Cardano soared in August, people’s interest in the Google keyword search “BuyCardano” reached its highest point in three months, peaking on August 22. At the same time, Bitpoint became the first Japanese exchange to support Cardano trading on August 25. In addition, Cardano staking has become more and more popular due to increased exposure on multiple platforms. For example, Canadian listed company iMining has added Cardano to its list of assets supported by pledge services. In addition, Kraken, a US-based cryptocurrency exchange, allowed ADA staking in May.

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The team stated that the next few months will continue to release code updates every two weeks, and regularly maintain and upgrade major HFC activities every quarter. In addition, more complex DApps will take longer to launch through the public testnet. Hundreds of projects are expected to be deployed in September and October, and deployment will be accelerated in the fourth quarter.

The Cardano Foundation pointed out that the Alonzo upgrade will bring highly anticipated features to Cardano. This is where the mission really begins, because our entire community begins to realize the vision we have been working on for a long time. Establish a decentralized system to extend economic identity and opportunity to everyone everywhere.

It is worth noting that Charles Hoskinson, the founder of Cardano, previously discussed the Cardano roadmap on the YouTube channel. The roadmap for this project will last until 2025. It is estimated that by 2025, the ongoing upgrade work will be completed. The Cardano development team is working to solve the problem of blockchain expansion in point-to-point transmission. Hoskinson mentioned that once the Alonzo fork is completed, he will return to the issue of expansion. It is reported that the Cardano network is divided into 5 stages: Byron, Shelley, Goguen, Basho and Voltaire.

The Cardano Foundation further pointed out that in March 2020 Byron laid the foundation for today’s network, providing a powerful and extensible code base to build. The Shelley upgrade transformed Cardano from a federated model to a decentralized model. The staking ecosystem continues to grow rapidly. According to the statistics of Pooltool, Cardano’s data aggregation tool, the number of ADA staking wallets is 825,755. This represents an increase of more than 35% since June. The Alonzo upgrade (named after the pioneering American mathematician Alonzo Church) will build on this success. Deployment using the same HFC technology used in the previous upgrade will mark the beginning of a new period of rapid growth. By allowing Plutus scripts to be written and executed on the chain, we will have the backbone of a new decentralized application platform that supports numerous DApps and decentralized finance (DeFi) use cases—from simple exchange-type applications to decentralized transactions (DEX), and more complex calculation procedures.

It is worth noting that the Cardano Foundation provides the number of projects and organizations in the ecosystem. Users can participate in the Essential Cardano repository. Or check the ecosystem map (these are representative but not comprehensive).

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Cardians’ Ecosystem Map

In terms of regional layout, the African operations director of Cardano Development Company Input Output also announced the team’s plans to expand its business in Ethiopia and other countries on the African continent. In an interview, James O’Connor, IOHK’s Africa Operations Director, highlighted Cardano (ADA) and the organization’s digital identity infrastructure plans in Ethiopia. Cardano will help Ethiopia’s digital education industry and provide financial services to people without bank accounts. The team plans to demonstrate blockchain technology to about seven or eight countries in Africa.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/entering-the-era-of-smart-contracts-cardano-mainnet-deploys-alonzo-hard-fork-upgrade/
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