The Cardano network has officially performed the highly anticipated Alonzo hard fork. The upgrade introduces smart contract capabilities and paves the way for developers to launch a host of new projects and applications on the network, such as decentralized finance (DeFi) platforms, NFTs, and stablecoins.
Cardano officially launches smart contract capabilities!
The official Twitter channel of Input Output, the team behind Cardano, announced that Cardano now has smart contract capabilities: Alonzo mainnet upgrade is live. The Cardano network has officially performed the highly anticipated Alonzo hard fork. After years of researching and publishing countless peer-reviewed articles on the network’s structure, potential, ideas, goals, and more, Cardano now has smart contract capabilities to further power its ecosystem.
Currently, Cardano has undergone a major hard fork and Alonzo is now live on the mainnet. This means that the network supports smart contracts and allows a variety of teams and projects to create and deploy their protocols directly on Cardano. The upgrade introduces smart contract capabilities and paves the way for developers to launch a host of new projects and applications on the network, such as DeFi platforms, NFTs, and stablecoins.
Charles Hoskinson spoke about Alonzo: We did our homework!
As we previously reported , the network had functionality built into the Alonzo testnet towards the beginning of September. This means that multiple users cannot interact with a protocol at the same time. But Charles Hoskinson and Input Output went in-depth to explain the entire smart contract model of the network and how that’s okay. Charles Hoskinson said that he believes the platform’s long path to the smart contract era will benefit the entire crypto industry. Charles Hoskinson said:
We worked for a very long time. Some members of this team have been working for over four years. We did our job. We did our homework. We made hundreds of presentations and dozens of papers. A lot of code has been written and a lot of cautious thought has been put into creating a model that is useful and very new all over the place as an experiment for the industry which we think is the best industrial model.
Cardano price drops despite important news!
With smart contract functionality now available live on Cardano’s mainnet, Hoskinson awaits the next step for the ecosystem, including the launch of the Plutus app backend, which offers a set of components that will allow both technical and non-technical users to develop on the system. Charles Hoskinson said:
So it’s that day and you know what’s going on? It must be a morning after Monday, September 13. We wake up. Business as usual. There will be many things. The network will probably be under a lot more load because people are messing around and testing things. But it’s okay.
At press time, the price of Cardano is changing hands at $2.43. The coin represents a 5% drop in the last 24 hours and a 16% drop in the previous seven days.