Cardano (ADA) has successfully upgraded by completing the Alonzo hard fork at epoch 290 on August 12, 2021. This has enabled the developers to create and execute smart contracts on Cardano’s public blockchain.
In a blog post, the Cardano network has acknowledged that the milestone may have been reached but the smart contract project on the Cardano network has only begun. While calling it “early days for the project”, the blog post has acknowledged:
“This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.”
After the successful completion of the Alonzo hard fork, developers can write smart contracts by using Plutus scripts. The Cardano team calls the Plutus scripts “a purpose-built smart contract development language and execution platform using the functional programming language Haskell.”
The Cardano team has urged the community to maintain sensible expectations for Alonzo. The concerned blog post said:
“There are high expectations resting on this upgrade. Some unreasonably so. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.”
With the successful completion of Cardano’s Alonzo hard fork, Cardano is expected to seriously challenge the dominance of the Ethereum platform in the field of creating and executing DeFi (Decentralized Finance) and Web3 applications.
Despite criticisms about the 2-years time taken by the Cardano network to implement smart contracts, Cardano founder Charles Hoskinson has said that this long-awaited upgrade will open up avenues for a new ecosystem that will help developers in creating Dapps and NFTs.
However, after the Alonzo smart contract upgrade, the price of ADA has dropped by -5.25% in the last 24-hours. However, analysts believe that the ADA price would reach new highs once new Dapps and NFTs start making their way into the ecosystem.
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