With the market slowly recovering as Bitcoin (BTC) stabilizes around $ 30,000, many altcoins can now focus on further development and make continued progress. Cardano (ADA) is therefore the cryptocurrency everyone is keeping a close eye on, as the project's developers, along with their global community, are busy making preparations for the eventual launch of the long-awaited smart contracts. Plutus will be used to enable smart contracts, and the first tests have already started through AlonzoBlue.
At the time of writing the ADA token is trading at $ 1.35, after a drop to $ 1.01 yesterday. With the implementation of smart contracts, the value of the altcoin is expected to rise even more than its ATH of $ 2.46 that was reached on May 16, 2021.
Hard fork Alonzo
According to the latest reports provided by the project developers, the Alonzo hard fork will finally allow dApp developers to successfully implement all kinds of smart contracts on the platform. The upgrade is expected to bring exciting new capabilities to the project through the implementation of the aforementioned smart contracts and the successful integration of Plutus.
Furthermore, IOHK explained that Plutus contracts contain important parts that operate on the Cardano blockchain (on-chain), as well as other parts that run on any user's own machine (client code or off-chain. ). Additionally, following the success of Shelly Network, Charles Hoskinson has proclaimed that Cardano will potentially have thousands of operational dApps within one year.
The future looks bright for Cardano
Cardano is often considered to be a third-generation blockchain-based technology, according to its creator. It uses a proof-of-stake (POS) consensus algorithm, which helps make the platform truly decentralized in nature.
Furthermore, even though the project does not have smart contracts yet, this has not stopped Cardano from reaching impressive heights, being the fifth highest ranked cryptocurrency in the world at the moment in terms of market capitalization. This success was largely due to its continued development and several successful releases, all of which had introduced additional updates (functionalities) sequentially in order to eventually release the aforementioned smart contracts.
Ultimately, Cardano wants to become the best blockchain ecosystem that can offer serious competition to rivals like Polkadot (DOT) and even Ethereum (ETH). Its scalability and increased interoperability through the ERC20 converter make it a high value project for the foreseeable future.