Contrary to expectation, Cardano still managed to launch the smart contract despite the recent hard fork. The long-awaited Alonza hard fork had a significant impact, but it did not stop the smart contracts.
Smart contract upgrade was successfully launched on Monday at epoch 290, facilitating the creation and execution of smart contracts on the public chain. This is a significant milestone that has happened for the first time ever.
The launching of the smart contracts helps fulfil Cardano’s mission of creating a decentralized ecosystem to enable economic identity and opportunity to everyone, anywhere. Unlike other kinds of hard forks, the Alonzo fork makes it possible for smart contracts to be written for Cardano by use of Plutus scripts. The team refers to two scripts as a multipurpose smart contract Development Language and execution platform which uses the functional programming language, Haskell.
Even though the Alonzo hard fork is exciting, the Cardano team has urged his community members to manage their expectations. Most of the community members are expecting a highly efficient ecosystem of consumer Dapps that are ready to use
The rise of Cardano
Cardano is a public blockchain that was started by an Ethereum co-founder, Charles Hoskinson, and was developed by its research firm IOHK.
Cardano was initially started to help in diversifying Ethereum dominance in hosting decentralized finance and web 3.0 applications. It, however, failed to reach its expectations due to its weaknesses with smart contracts. Since its launch in September 2017, it has just been able to do it smart contracts now.
Many have criticized the period Cardano has taken to launch smart contracts, including Dominic Williams, the internet computer platform founder. Cardano has faced other issues; for instance, in September, a Dapp encountered testnet problems related to field transaction processing.
Many people in its community believe that Cardano dApp can only do one transaction per block. Cardano, however, rose to defend itself, emphasizing that they do not limit the number of transactions per block.
Despite the many criticisms in the market, Cardano has still been able to rise, and there has been so much hype with the currency.
This pushed its native token, ADA, into record highs. It made the token to Pushing under to 192% gain from a low of $1. In July to $3 in September.
According to Coingecko, data has decreased by more than 1600% since January 2021.