The Cardano digital currency network is two days away from the upcoming hard fork on September 12, and the community is expecting functional smart contracts. These can be used for decentralized finance (defi), non-fungible tokens (NFTs) and other types of decentralized applications (dapps). Cardano managed to capture the third largest crypto market cap among 10,000+ crypto assets, but in the past seven days Cardano has lost more than 16% in value.
Cardano expects an upgrade in 2 days
With more than $ 400 billion under the hood, the Ethereum (ETH) market is by far the largest smart contract platform today in terms of fiat valuation. Ethereum has held this position for a number of years, but a number of other smart contract crypto asset networks have moved towards the position of ETH. In addition to ETH, Cardano (ADA), Solana (SOL), Polkadot (DOT), Terra (LUNA), Avalanche (AVAX) and more are among today’s top smart contract markets by market valuation.
Ethereum’s fees and its difficulty in scaling have resulted in funds being shifted to other smart contract competitors with lower fees and faster transaction times. Cardano has promised to become an Ethereum competitor, and the next upgrade is set to bring developers functional smart contract features. The upgrade on September 12th is called “Alonzo” and smart contract capabilities were there for earlier Alonzo phases, but only for technical participants.
Goguen phase will see the “integration of smart contracts”, Goguen adds the “ability to build decentralized applications”
If all goes well, the community hopes that the network can be expanded to take advantage of Defi, NFTs, tokenization, and other types of dapps. Alonzo is part of Cardano’s roadmap, which spans five different eras including Byron, Shelley, Goguen, Basho and Voltaire.
At the moment, the Cardano network is in the Goguen era. The developers have been working on Goguen in parallel with Shelley, and after Goguen is complete, both tech-savvy and non-tech-savvy people will be able to create Cardano smart contracts.
“With the integration of smart contracts, the Goguen era represents a major step forward in the performance of the Cardano network,” explains the Cardano team on its website. “Where the Shelley era decentralized the core of the system, Goguen adds the ability to build decentralized applications (dapps) on Cardano’s solid foundation of peer-reviewed research and highly secure development.”
Outlier Ventures released a report on blockchain development in the second half of 2020 and first half of 2021 this week, and the Cardano project is one of the top projects in terms of development. In terms of active developers, Ethereum has 168 while Cardano has 165, according to Outlier’s report by Robin Andre Nordnes. While Cardano (ADA) has lost more than 16% in the past seven days, statistics for the year to date show that ADA is up more than 2,555%.
What do you think of the upcoming Cardano network upgrade? Let us know what you think on this matter in the comments below.
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165 Devs, ada, Avalanche (AVAX), Basho, Byron, Cardano, cardano (ADA), Cardano Development, Cardano Hard Fork, Cardano-Projekt, Cardano Upgrade, dApps, DeFi, Ethereum (ETH), Goguen, Goguen-Era, Market Statistics, NFTs, Outlier Ventures, Polkadot (DOT), Robin Andre Nordnes, Shelley, Smart Contracts, Smart Contracts Chain, Solana (SOL), Stats, Terra (LUNA), Tokens, Voltaire
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