If you are already familiar with cryptocurrencies then the Cardano is not new for you. But if you are new then you may know only Bitcoin and Ethereum and you will not know “What is Cardano?“. Cardano is also a Blockchain project like Bitcoin and Ethereum and ADA is its native token. Cardano was invented in 2015 and it is based on a proof-of-stake system. And recently ADA becomes the 3rd largest cryptocurrency in the world with a market cap estimated to be around $80 billion (In Indian Rupees around Rs. 5,87,974 crores).
And now it seems the bull run of Cardano will continue because Cardano prepares to enter the decentralized application space as smart contract functionality arrives with its new Alonzo Hard Fork.
What does the Software Upgrade will Offer?
According to reports, the Alonzo Hard Fork upgrade will enable the users to create and deploy “smart contracts” on the Cardano blockchain system. In simple words, Smart Contracts are computer codes that will execute functions when predefined conditions are met.
This upgrade will be more beneficial for ADA holders because after this upgrade Cardano will be pitch against Ethereum, which is considered to be its biggest competitor. This upgrade of Cardano is divided into five stages including Byron, Shelley, Goguen, Basho, and Voltaire. Now Cardano is currently at the tail end of the Shelley era.
The Alonzo Hard Fork update will be divided into three major stages including Alonzo Blue, Alonzo White, and Alonzo Purple. Each stage contains several tests for smart contracts. At each stage, the Cardano developers will find and remove bugs from the Cardano blockchain.
According to the official website of Cardano, “With the integration of smart contracts, the Goguen era represents a big step forward in capability for the Cardano network.” The Goguen will add the ability to build decentralized applications (DApps) using Cardano.
Cardano Foundation has said, “This update will also enable Cardano users to create new natively-supported tokens. The users will be able to create fungible and non-fungible tokens (NFT)”.