Cardano’s developer IOHK has now confirmed smart contracts capability is set to launch on the network on September 12th. The long-awaited upgrade to the Cardano Mainnet will see the addition of smart contracts ability to the network, which would unlock to both designers and financiers alike on the network. The launch is scheduled for Sunday, only four days away.
Taking to Twitter, the designer shown the broader community that they had actually effectively sent an upgrade proposition to the Cardano Mainnet. This would trigger the hard fork combinator (HFC) event that would take place on Sunday. “The Alonzo HFC event will be the most significant upgrade yet, laying the firmest of foundations for an exciting new era of smart contracts on Cardano,” stated the designer.
Using the HFC technology will enable the deployment of smart contracts capability with the core Plutus, which will come will all compatibility upgrades across the entire software stack. Testing has actually currently been underway for the smart contracts ability with relied on testers from previous upgrade models. So far, the smart contracts are processing transactions accordingly and developers have taken to building their DApps on the platform.
Gearing Up To Compete
The last implementation will see Cardano taking on other networks effectively running in the area. Going up against well-known smart contracts platforms like Ethereum, and a new contender that has taken the market by storm, Solana.
Alonzo Hard Fork will bring decentralized finance (DeFi) and decentralized exchanges (DEX) to the community, along with abilities like having the ability to mint NFTs on the Cardano blockchain. Effectively expanding the scope of use cases of the network.
The network encountered some issues previously when reports began making the rounds on social networks that the smart contracts might just deal with one deal at a time. But this was soon after cleared up by the developers, who showed that the problem was not with the network, but rather with the DApp Minswap. IOHK even more motivated designers to keep screening on the network, including that “this is what a testnet is for.”
Cardano (ADA) Price Reaction
Cardano, like the rest of the market, is still reeling from the flash crash which it experienced yesterday. Although it has actually recuperated from the lows of the flash crash, the digital property continues to have a hard time to discover footing back to positions prior to the crash. The announcement from Cardano’s developer did not do much to push the price upwards, which has left the asset trading around the $2.3 range. Putting it pull back listed below highs from May.
At the time of writing, the asset is trading at $2.38, down more than 9% in the last 24 hours. The crash in its worth has actually brought the overall market cap of the property to $76 billion. Although remaining the third-largest cryptocurrency by market cap.
