Wednesday, September 22, 2021
HomeNewsCardano rises to 2-month high - smart contract update is getting closer

Cardano rises to 2-month high – smart contract update is getting closer

The ADA rate rose 12% in 24 hours. Previously, founder Charles Hoskinson announced the arrival date for smart contracts.

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Even a $ 600 million protocol hack, a bearish crypto bill push in Congress, and a $ 100 million regulatory settlement from BitMEX failed to dampen the current craze among cryptocurrency buyers.

Case in point: Cardano.

The Ethereum competitor, toying with the introduction of smart contracts, has just seen its native coin, ADA, soar more than 12% in 24 hours. ADA is now trading at $ 1.78. The coin has not experienced such highs since the first week of June.

Exact date not yet known

In an “announcement of the announcement” Cardano founder Charles Hoskinson just stated: He will soon reveal the date on which smart contracts will be published on the Cardano mainnet.

Hoskinson to the viewers on Periscope:

“We will be able to announce when the Alonzo hard fork will take place, and at that point you will be able to execute smart contracts on Cardano.”

According to Hoskinson, the hard fork will take place before the Cardano Summit, which is currently planned for next month.

Cardano has gradually added features since it launched in 2017. Like Ethereum, for example, Cardano allows non-fungible tokens (NFTs) – blockchain-based tokens that are a kind of deed of ownership for a digital asset.

The Alonzo hard fork will be one of the most momentous updates to the proof-of-stake network. Because it will facilitate the introduction of decentralized financial protocols (DeFi). They should enable people to borrow, lend and trade without intermediaries. Instead of loan officers and underwriters, DeFi relies on so-called smart contracts. These are programs that are executed when certain conditions are met.

While ADA had the biggest move of any asset in the top 10 in the past 24 hours, most coins had a decent, if unspectacular, day. Ethereum was up slightly at almost 4%, Binance Coin was up 11%, and Uniswap was up 2.5%. Bitcoin, on the other hand, the number 1 cryptocurrency by market capitalization, saw only a slight upward movement and is up 2%.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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