Cardano founder Charles Hoskinson is very precise. At the end of August and beginning of September, the Cardano blockchain will receive the long-awaited smart contracts functionality.
In a recent video, Hoskinson’s preferred way of communicating to the community, the Cardano founder is in a good mood and full of confidence about the upcoming upgrade of the Cardano chain. All tests were satisfactory, the level of bugs is very low. Most of the errors detected could practically be eliminated in passing.
The test field will be significantly expanded from next week
Therefore, from August 9, the test of the new smart contracts functionality will be expanded to include crypto exchanges and wallet developers. So far, Cardano had been running its tests since May only on the internal infrastructure of the network. Now the so-called Alonzo upgrade is apparently ripe for wider adoption.
In mid-August, probably towards the end of next week, he will report back with two very specific dates, promised Hoskinson. The first will be the planned time of the upgrade, the second will be a fallback, i.e. a security information. This would only be relevant if the team were to find reasons for a postponement shortly before the actual start date.
Probable time: August 31, 2021
Accordingly, it is realistic to expect the so-called Hard Fork Combinator, Cardano’s method of performing mainnet upgrades, to start around August 26th. Since it would have to be triggered three to five days before the actual update, the mainnet integration would then take place on August 31. If the fallback date is used, the upgrade would take effect in the first week of September.
The upcoming Alonzo upgrade is likely to have a significant role in the fact that the price of the Cardano-Coin ADA has been on a steady upward course for a few days. On Saturday, ADA even reached the highest value in the last 30 days with a price of 1.48 US dollars, according to Coinmarketcap. This corresponds to an increase of 6.5 percent within the past 24 hours. If we look at the increase in value since the beginning of the year, when ADA was quoted around $ 0.18, the Cardano currency is one of the big winners of the year.
If the rate rises to $ 5 …
This is how “Guy” from Coin Bureau, an influential YouTube channel with 1.2 million subscribers, sees it. He even ascribes the potential of the Alonzo upgrade to be one of the “most important developments so far” in crypto currencies.
Guy sees an ADA rate of between four and five dollars by the end of the year as realistic, provided that Bitcoin does not fail as a pacemaker. That, however, is not to be expected.
The analyst Peter Brandt, who recently predicted a fall to $ 0.12 for Cardano, sees it completely differently. The forecast was based on a purely technical analysis of the course and did not take any content-related aspects into account.
Cardano founder Charles Hoskinson was indignant and spoke of the fact that he “despises” such purely technical price analyzes. It is not a matter of expert consideration, but of “voodoo”. Brandt, however, can withdraw from the fact that he was right with a similar forecast in 2018 when he predicted a fall in Litecoin.
It remains exciting. In fact, in terms of content, it does not look as if smart contracts will not be able to have a positive influence on the ADA course. In this respect it seems understandable what Hoskinson objects to Brandt’s prognosis: “I don’t think it will work that easily. The markets are so much more complicated. “
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