Altcoins

Cardano Will Allow Users to Run Smart Contracts Once Hard Fork Occurs

Cardano founder Charles Hoskinson has updated the community on the upcoming updates on the Cardano (ADA) blockchain

Charles Hoskinson recently discussed updates coming to Cardano. The founder was speaking on his live stream on YouTube. Hoskinson stated that “we are on schedule, things are moving along, chugging away” when talking about the upcoming Alonzo hard fork.

Hoskinson was speaking about the requirements needed for the updated fork, admitting that a lot of work is required. “There are kind of two parallel tracks going on at the same time for the launch of Alonzo, track number one is the hard fork combinator event, strictly about getting Alonzo capabilities to the node the other track is about building the infrastructure around that node that allows you to run both off-chain and on-chain code and build full dApps.”

Hoskinson believes most of the development infrastructure will be built between August and September. The founder stated that users will be able to run smart contracts from the moment the hard fork comes on Cardano infrastructure. The update will offer a “better environment for Cardano apps to be developed and deployed on,” Hoskinson said. 

Hoskinson expects Cardano to expand its global adoption effort with the upcoming fork. Hoskinson expects that once smart contracts arrive, “The dApp ecosystem for those will grow considerably, so from day one people will be running things on the Cardano on blockchain and the sophistication of those things and the interfaces of those things will only get better over time.”

Cardano slow upgrade has big expectations 

Cardano has been slowly pushing its network to grow and expand into a global blockchain ecosystem. The network recently hit a milestone of over 660,000 staking addresses. With over $29 billion in funds being staked in total, more than 70% of the total supply. 

Cardano was also recently announced as the latest project to be added to Grayscale Investments holdings, as the third-largest holding behind bitcoin and ethereum. ADA managed to hit a new all-time high this year of $2.45 just three months ago. However, the project has seen a steady decrease in price following a market correction. However, the project remains steady at $1.37 at time of writing.

   

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