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The much-awaited milestone on the Cardano network is finally here. According to the June updates, Tim Harrison, the marketing director of IOHK, confirmed that the first smart contracts of Cardano’s testnet Alonzo are finally up and running.
Cardano Smart Contracts
The basis of programmable smart contracts in the Cardano network is Alonzo Blue. Alonzo is deployed on the mainnet via multiple testnet so that their partners and pioneers can check Plutus Core during May and June before code freezes by creating Cardano applications.
The quality assurance and user acceptance were tested through exchanges to verify that the platform was fully ready during the Alonzo mainnet upgrade.
In the Cardano programming language Plutus, smart contracts are constructed in particular. For example, users can write minting policies using Plutus core. The Plutus Core policy script is executed for minting or burning in connection with the minting or burning transaction, and the action must be approved or prohibited by the script.
The developers with Alonzo were unbelievably open about the whole process. With the smart contract main event, transparency is set to 100%. The entire testing process is designed to engage the pioneers, partners, SPOs, and the community on the journey, who did it in several steps.
The process will extend in the following weeks to include development companies or ‘alpha partners’ to develop applications including oracles, DEXs, borrowing and loaning, stablecoins, NFTs, and DeFi tools.
Operations Director Gerard Moroney said this is intended to collect code and documentation for sharing with the broader community.
What is Coming Up?
The next level is Alonzo White, similar to Blue but opened up for the other test group operating in an environment that is more refined and stable after the Blue stage problems are ironed out.
The overall objective of this step is to integrate the off-chain components into the new stable environment, including the backend wallet. In a live setting, the alpha partners can also test their scripts. In addition, it will provide benchmarks and cost information in the actual world.
Alonzo Purple sees users of each load group testing the network as a step forward. In addition, IOG is now close to the hard fork combinator to bring the Goguen smart contract phase into being.
At present, 73.99 percent of all ADA tokens are staked, according to Staking Rewards. The main reason why Cardano’s price rises are due to the staked ADA tokens that include several tokens. With the token not moving, there is a scarcity of tokens that make it harder to hold the tokens and, when the demand overloads supply, prices are increased.