Altcoins

Cardano’s New Alonzo Upgrade Already Showing Remarkable Results

  • Cardano’s latest upgrade, Alonzo, is already showing exceptional results.
  • This marks the first stage of Hoskinson’s plans for better financial systems.
  • Reports say that this upgrade aims to bring programmability to the blockchain.

Cardano’s highly anticipated Alonzo upgrade became the talk of the town for days. Reports say this upgrade “will bring programmability” to the blockchain. Well, true to its promise, the Alonzo upgrade has already shown remarkable results so far. The team says that Alonzo already processed more than 100 ‘smart contracts’ on the platform within its first 24 hours. Cardano founder, Charles Hoskinson, shared this in his tweet.

Moving the chains every dayhttps://t.co/WluGwfd15S

— Charles Hoskinson (@IOHK_Charles) September 15, 2021

Cardano is currently the world’s third-largest blockchain platform. It has continually provided the industry with the best blockchain solutions. Along with this, its recent upgrade, Alonzo, was a success as well.

Blockchain, in its entirety, already transformed the world as we know it — much so in the future of applications. With the building of dApps or decentralized apps on the blockchain, developers are exposed to the limitless possibilities it entails. However, doing this will require high costs and energy inefficiencies — which is why it’s relatively inaccessible to some developers.

In a Nutshell: Alonzo Upgrade

The Alonzo upgrade features ‘smart contract functionality’ — allowing developers to create apps that would also have the advanced capabilities of its blockchain.

According to Cardano, its Alonzo upgrade will solve many issues that blockchain currently faces or will face in the future. It claims that it will resolve several problems such as energy inefficiency and high costs, as mentioned above.

Charles Hoskinson also said that,

This upgrade is the culmination of six years of incredibly hard work with some of the brightest minds in blockchain and beyond.

For him, the Alonzo upgrade was a “game-changing moment for the platform.” In detail, Cardano uses innovative mechanisms to verify transactions. With this, the entire network will be more energy-efficient, compared to Bitcoin. More so, it can accurately “predict transaction costs”, thus, give price stability. Through this, developers can build applications without expecting high costs or risking lost transactions.

Furthermore, according to Five Binaries Founder, Marek Mahut, “Cardano has always stood out for its focus on the fundamentals.” Meaning, it considers a problem thoroughly before applying a solution. To note, Five Binaries ran the first smart contract on Cardano yesterday. Mahut expressed his delight from this, saying “I’m proud to have made the first execution of a smart contract on the Cardano mainnet, and am excited to see how the capabilities unfold as updates continue to roll out.”

Conclusion

IOHK, the engineering company behind Cardano, mentioned that it will discuss the planned upgrades and improvements to smart contract functionality, at the upcoming Cardano Summit. This will happen on September 25 and 26, 2021. Here, participants can know more about the Alonzo upgrade and all the other plans that Cardano has. More so, the summit will showcase both Cardano and IOHK’s goals for the betterment of the industry.

   

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