Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
In his latest vlog, IOHK’s CEO Charles Hoskinson announces the upcoming Alonzo hard fork is still on schedule. Meanwhile, the ADA token is rallying at $2.83, almost 12% in gains over the past week.
The team behind the hard fork is already preparing for the public Alonzo testnet. IOHK is confident that the final product will go live on September 1.
Alonzo Upgrade and Smart Contracts
Cardano has been around since 2015. It uses proof of stake to validate transactions. Miners have to place the crypto they own as a “stake.”
The Alonzo upgrade is part of a 5 stage development on the network. However, the integration of smart contracts will happen in the Goguen era.
The Alonzo update has three stages, Alonzo Blue, Alonzo White and Alonzo Purple. The three stages encompass several tests for smart contracts.
Over this time, the review of the code and removal of bugs from the blockchain occurs severally. Because of the Alonzo upgrade, users have an opportunity to create and use smart contracts on Cardano. By enabling this, Cardano becomes a direct competitor to Ethereum.
Hoskison also mentioned that once the Alonzo testnet is complete, all that remains is the updated proposal on September 9. Earlier on, IOHK scheduled the launch on September 12. From the look of things, the Cardano team is meeting the deadline.
Goguen Has More to Offer
The Cardano official website states that the Goguen era represents a significant advance in the Cardano network. It is due to the integration of smart contracts. This explains why Goguen’s capacity to develop decentralized apps during the Shelley era decentralized the system’s foundation.
And the Goguen period will not only offer smart contracts. The addition of a multi-currency leader will further increase Cardano’s usability. By usability, it means that users can develop new native tokens.
IOHK stated that this would lead to the development of fungible and non-fungible tokens (NFTs).
Why ADA Price is Rising
The price rise is probably due to impending network updates. In the past month, prices for Cardano have more than doubled.
The token will also appear on Japanese crypto exchanges, which is among the highest requirements for listing globally. ADA seems to be building excitement in advance of the forthcoming September update. From then on, we should have smart Cardano Blockchain contracts.