The Cardano network officially executed Alonzo hard fork, but price didn’t have much positive movement

The official Twitter channel of Input Output, the team behind Cardano, just announced that Cardano now has smart contracts capabilities: Alonzo mainnet upgrade went live.

1/2 Upgrade successful.

Moments ago, we deployed the #Alonzo upgrade at the epoch rollover.

Welcome to the start of a new era for #Cardano $ADA pic.twitter.com/r6QNvTv4pt

— Input Output (@InputOutputHK) September 12, 2021

The Cardano network has officially executed its highly touted Alonzo hard fork

After years of research and publishing countless peer-reviewed papers on the network’s structure, potential, ideas, goals, and other things, Cardano now has smart contract capabilities to bolster its ecosystem further.

Currently, Cardano has undergone a significant hard fork, and Alonzo is now live on the mainnet. This means that the network supports smart contracts, allowing various teams and projects to build 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.

Cardano officially rolls out smart contract capabilities

The network had the functionalities built into the Alonzo testnet towards the beginning of September.

This means that multiple users can’t interact with a protocol at the same time. However, Charles Hoskinson and Input Output went in-depth to explain the entire smart contract model of the network and how this is not an issue.

Hoskinson said he believes the platform’s long path to the smart contract era will benefit the entire crypto industry.

“We worked for a very long time. Some of the members of this team have been working for over four years. We did our work. We did our homework. We did hundreds of presentations, dozens of papers. So much code was written, and a lot of cautious thought went into building a ubiquitously beneficial and very novel model, if anything, as an experiment for the industry that we feel, is the best industrial model”, he stated.

With smart contract functionality now live on Cardano’s mainnet, Hoskinson is looking ahead to what’s next for the ecosystem, including the debut of the Plutus application backend, which offers a suite of components that will allow both technical and non-technical users to build on the network.

“So that’s the day, and you know what happens? There has to be a morning after, September 13th, Monday. We wake up. It’s business as usual. Lots of things will happen. The network will probably be under a lot more load because people play around with things and test things, and that’s fine”, he concluded.

ADA/USD 4-hour chart | Source: TradingView

At press time, Cardano price is changing hands at $2.43, represents a decrease of 5% in the last 24 hours and 16% in the previous seven days.

Read more:

• Cardano Price Spiked More Than 17% On The Cusp Of The Much-Anticipated Alonzo Hard Fork
• Cardano Price Achieved Highest Percentage Gainer Among Top 10 Crypto Assets, Might Be Ready For $5

Join us on Telegram

Follow us on Twitter

Follow us on Facebook