• Thu. May 30th, 2024

Cardano’s Smart Contract Update is Approaching

Christian Klausen

ByChristian Klausen

Aug 18, 2021

Cardano blockchain has faced many obstacles for getting positive feedback from the crypto community. Currently, the blockchain project is preparing to announce the next phase of the Alonzo upgrade named purple to go live soon. With the completion of the 3rd phase of Alonzo, Cardano can finally have smart contract capabilities.

This will allow Cardano to get a placement alongside Ethereum. The testnet for Alonzo Purple went live on the ecosystem a week ago with a massive support build-up from the stakeholders. Following the upgrade, the native token of Cardano, ADA, has recently climbed up the ranks. After doubling in price, ADA is currently valued at $2.16 and ranked third-largest cryptocurrency just after Ethereum.

Cardano to Witness Huge Development Activity

Github is an internet hosting and software development project. A recent survey by Github reveals that the highest amount of development activity has been noticed on Cardano just after other platforms like Solana and Polygon. However, the Hard Fork Combinator even (HFC) is not going to take place before the end of August or the beginning of September.

Lark Davis is an avid crypto investor and analyst who recently took to Twitter to comment on the recent changes on Cardano. He claimed that the age of Cardano is just around the corner. Some stakeholders have expressed their reservations about the low transaction volumes on Cardano. In comparison to 240K active addresses on Bitcoin, 1.2 million on Ethereum, and 4.6 million on Polygon, the Cardano network only has 83,122.

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Many Twitter users who are looking at Cardano take up an issue with the choice of the network to go with the Haskell programming language. The developers believe that due to the complexity and lack of experts in the language, many programmers will not want to work on developing DApps for the network even after smart contracts go live.

Commenting on the drawbacks, analyst Davis remarked that ADA only needs a six times appreciation to become larger than Ethereum. It is not going to get an appreciation of 50 times like MATIC. He further added if the Cardano network can make all the right choices and keep going on the same route, the ADA price may move forward by a few hundred percent.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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