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Smart contracts via upgrade: On the hunt for records: Can Cardano become dangerous with the new upgrade Bitcoin & Co.? | news

Proof-of-stake protocol for more sustainability
Alonzo upgrade retrofits smart contracts
Hard fork event on September 12th

Cardano wants to assert itself against Bitcoin with proof-of-stake

Things are currently running like clockwork for the Cardano cryptocurrency. While Bitcoin is still criticized for its high power consumption when sharpening, the currently third largest crypto currency in terms of market capitalization can score on this topic. According to the Cardano Foundation, which is behind the network, the Cyber-Coin stands for a platform for change. “With a leading team of engineers, Cardano aims to shift the power of uncontrollable structures to the edge of society – to the individual – and to be a driving force for positive change and progress,” says the organization’s website to read. While the computationally intensive proof-of-work protocol is used in Bitcoin mining, Cardano coins are sharpened using the more sustainable proof-of-stake process – similar to the new Ethereum 2.0 ether upgrade.

Hard fork introduces smart contracts

But that’s not all: As the Cardano developer IOHK revealed in a video announcement in mid-August, the next major update is about to be released. The hard fork, which is being developed under the project name “Alonzo”, is to be released in a test environment on September 1st, as product manager Nigel Hemsley announced in the video conference. If the test network is stable and all possible errors have been eliminated in good time, the official introduction of the Alonzo upgrade is planned for September 12th. – Trade Bitcoin with Plus 500 – that’s how it works. 72% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you can afford to take the high risk of losing your money. – With the new hard fork, it should be possible to run smart contracts on the Cardano chain. This would allow Cardano to catch up with other crypto currencies such as ether. With the new feature, the network is also open to third-party applications. Using the specially developed Plutus programming language, which is supplied with the Alonzo upgrade, the creation of smart contracts should also be made possible for users who do not necessarily have a technical background, according to the finance portal The Motley Fool.

Cardano is fighting its way into the top 3 of the cryptocurrencies

With the news about the Alonzo upgrade, Cardano is continuing its course rally. After the coin had already gained significantly at the turn of the year and then jumped above the $ 2 mark for the first time in May, there was a brief setback in July when it was temporarily quoted again just above the US dollar mark. Since the beginning of the month, however, the prospect of an imminent implementation of smart contracts came into focus, the price has been moving steeply upwards. On August 23, it hit a new record high of $ 2.97 and is currently trending slightly below it. With a market capitalization of around 88 billion US dollars most recently, the Internet coin has now overtaken its competitors Tether and Binance and has risen to the top 3 of the crypto currencies. The second-placed Ether with a total value of about 378 billion US dollars is still missing a good bit.

It remains to be seen whether the Cardano course can continue to benefit from the hopes of the Alonzo upgrade in the next few days and what the actual release of the hard fork will mean for the price trend. According to t3n, analysts expect a price target of between four and five US dollars by the end of December.

Finanzen.net editorial team

Image Sources: Morrowind / Shutterstock.com, Chinnapong / Shutterstock.com

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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