Cardano, the third largest cryptocurrency by market capitalization, has successfully applied the hard fork “Alonzo” and expanded its functionality to include intelligent contract functions. The update, which was made available in the testnet days ago, was finally integrated into the mainnet yesterday. Cardano is now trying to provide Defi-Apps and there are already several parties working to expand the Cardano ecosystem in this regard.
Cardano enters the smart contracts arena
Cardano, one of the leading cryptocurrency chains by market capitalization, has successfully used the hard fork “Alonzo”. With this update, the chain has expanded its blockchain to include support for smart contracts. The update, which took place yesterday after being deployed on the testnet, includes the addition of Plutus, a Solidity-like language that allows programmers to chain scripts.
With this update, Cardano is now a new challenger in a crowded Defi ecosystem dominated by other more established chains in the space like Ethereum and Solana. However, Cardano has already received some support from third-party vendors and has a diverse ecosystem of Defi-Apps (Dapps) that are incorporated into Cardano’s ecosystem.
Input-Output, the company behind the development of Cardano, stated that 150 projects develop their ideas through Cardano’s Project Catalyst innovation program. The company released a map of the Cardano ecosystem in its official Hard Fork blog post.
Expectations need to be managed
However, despite the successful application of this update, Input-Output advised users to meet their expectations regarding the upcoming Dapps ecosystem. It was said:
There are high expectations for this upgrade. Some inappropriately. Cardano watchers may expect a sophisticated ecosystem of consumer-ready DApps that will be available immediately after the upgrade. Expectations have to be managed here.
The company gave Ethereum a whack, stating that the first decentralized app to appear on the chain had to wait over two years before their first Dapp got some steam from the audience. The implementation of smart contracts in Cardano has received a lot of criticism. Some users complained on social media that certain apps were having problems on the testnet, such as: For example, transactions took a long time to process.
Input-Output stated that Cardano’s approach to smart contracts is new and that developers need to adopt parallelism and multiple transactions in order to better utilize the possibilities of the chain.
What do you think of Cardano’s Alonzo hard fork and its new support for smart contracts? Let us know in the comments section below.
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