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Cardano (ADA) users will run smart contracts on the network once the Blockchain completes its Alonzo Hardfork. That is according to Charles Hoskinson ADA’s founder. Mr. Hoskinson revealed the news through a YouTube live stream.
The announcement paves the way for Cardano to enter the Smart Contract sector, challenging Ethereum’s supremacy in the space. It will come as welcome news for ADA holders and neutrals who’ve been looking for alternatives besides the Ethereum Network(ETH). A significant gripe against ETH has been that it is slow and charges high transaction fees.
Mr. Hoskinson was upbeat about the progress of the upgrade, stating that ADA was on schedule and that things were moving along. But he added that there was still a lot of work to be done. Further, the founder revealed that ADA was pursuing two simultaneous tracks towards actualizing Alonzo’s development.
The first track involves the hard fork combinator event that seeks to equip the node with Alonzo capabilities. The second track will build the infrastructure that’ll facilitate decentralized applications by running both on-chain and off-chain code.
Additionally, Hoskinson expressed optimism that the project will have built the infrastructure necessary for the hard fork between August and September. That would allow ADA users to run smart contracts as soon as the hard fork launched on the Cardano mainnet. This will also enhance the development and eventual deployment of Cardano Apps.
Again he reiterated that users would refine the apps they’ll be building onto the ADA network. The upgrade will undergo several stages so as not to upset the supporting infrastructure. It will also take place in three color-coded phases. The blue phase is the initial one and will be followed by the white and purple stages. Each of these will become increasingly onboard the public till the Blockchain fully integrates the update.
Alonzo’s hard for forms part of ADA’s Goguen Era. The project named the era after Joseph Goguen of both the University of Oxford and California. It comes after the Shelley phase characterized by ADA community members becoming validators following the Blockchain’s decentralization.
Only last month, ADA launched a Decentralized application connector for its Yoroi wallet. The new feature will ease how users interact with smart contracts and dApps on the network.
Cardano’s foray into the smart contract scene has seen it court a lot of suitors. Cardax, for instance, has set sights on becoming the first decentralized exchange to launch on the network. In its recently concluded community sale, it raised $1.5 million.