Following a significant update over the weekend, the Cardano network now allows users to execute smart contracts, boosting its competitiveness against larger competitor Ethereum. For many users, the event may signal the conclusion of certain long-standing Ethereum Network problems.
The soon-to-be-famous On September 12, 2021, the Cardano blockchain completed its Alonzo update successfully. Following the conclusion of the Alonzo hard fork, Cardano announced the deployment of “Plutus smart contract capabilities” in a blog post.
Input-Output (IOHK), Cardano’s partner, successfully filed a request to trigger the hard fork combinator for the final version of Cardano’s Alonzo upgrade earlier this week. Cardano creator Charles Hoskinson just tweeted about the successful update, which ushers in a new age for the $ADA network.
Despite indicating that the platform is ready to go live, Hoskinson has hinted that dApps (decentralized apps) would be introduced at a later time.
The long-awaited update now makes the Cardano blockchain smart contract capable of really creating pathways for a whole new ecosystem that would include both Dapps and NFTs.
The long-awaited update now makes the Cardano blockchain smart contract capable .
Cardano will also be more useful to its users since it is a proof-of-stake currency. By integrating smart-contract capabilities, Cardano will be able to become a significant participant in the DeFi space, allowing for automated cryptocurrency lending and trading. ERC-20 tokens may potentially be used on the Cardano network. The update will allow the digital to compete with Ethereum ($ETH), the DeFi industry’s behemoth.
Alonzo encounters some problems
After certain alleged vulnerabilities in Cardano’s architecture were exposed in the Alonzo mainnet, it received a lot of flak.
The Cardano blockchain has allegedly encountered many challenges as well as criticism for being late and requiring years to incorporate something that is already present on Ethereum, Polkadot, and other blockchains.
ADA Price Prediction
Cardano’s ADA currency just surpassed Tether as the third biggest in terms of market capitalization, with a market cap of $75 billion. However, it is still overshadowed by bitcoin, the most frequently traded digital token, with a market cap of $836 billion.
The impact of the Alonzo update on the ADA token price will be interesting to observe. Cardano has had an incredible month and is likely to keep going till the end of the year. It’s now trading at $2.65.
The impact of the Alonzo update on the ADA token price will be interesting to observe. Cardano has had an incredible month and is likely to keep going till the end of the year. It’s now trading at $2.65.
Smartereum author Adam Web thinks ADA will reach $10 in five years. The algorithm at WalletInvestor thinks that ADA will be valued at $3.32 in a year. According to LongForecast.com, Cardano may finish the year at $3.63.
TradingBeasts, on the other hand, is pessimistic, predicting that Cardano would fall to $1.33 by the end of 2021. It also predicts that by the end of 2024, the cryptocurrency will be worth about $2.77.
Sources: [1], [2], [3], [4], [5], [6]. – Image: Markus Spiske – Unsplash.
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