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Thursday, September 23, 2021

Cardano Introduces Smart Contracts Following Hard Fork Success

Cardano’s hard fork named Alonzo has been successfully completed. Scripts for smart contracts powered by Plutus have been introduced as a result. On Monday, a tweet from IOHK announced that the successful completion of the upgrade at the 290th epoch.

First Time Smart Contracts On Cardano

The complete upgrade has facilitated the execution and the creation of first-ever smart contracts on the blockchain that is public. However, the milestone celebrations did not stop Cardano from noting that it was still the project’s early days. In a post published on their blog on Monday, they asserted the mission truly started after the completion.

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The Alonzo hard fork lets smart contracts be created for Cardano with the help of Plutus scripts. The team describes Plutus as a development language for smart contracts which have been built with a purpose. The execution platform and development language had been built using Haskell, a functional language for programming.

However, the blockchain team has warned its community to have realistic expectations from Alonzo. DApps that are consumer-ready populating an ecosystem that is sophisticated will not be available immediately.

Public blockchain Cardano was created by Charles Hoskinson, a co-founder of Ethereum, and further developed by IOHK, Hoskinson’s research firm. Cardano’s pledge was rivaling the dominance of Ethereum when it comes to hosting Web 3.0 and DeFi applications. However, there have been criticisms leveled at the project for not having functionality for smart contracts until now. Cardano had been launched back in 2017 September.

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In the earlier part of September, the blockchain had also been criticized for the first DApp that it had launched on the blockchain’s test net. The DApp had encountered issues regarding the processing of concurrent transactions failing.

Despite detractors, ADA recorded all-time highs after seeing a rally of 192%. On 3rd September, it tagged $3.10 and is currently over 1600% higher than what it was at 2021’s start.

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