ADA – Source: EW Forecast
Investing.com – This is what ADA investors like: According to Cardano founder Charles Hoskinson, the Alonzo upgrade is on schedule and is targeting its record high.
Shortly before midnight on Friday, German time, the founder of the Cardano platform gave a brief update on Alonzo, an upgrade that is to be carried out on the Cardano blockchain on September 12 and is all about smart contract integration.
According to Charles Hoskinson, founder of the Cardano platform in 2015, the Alonzo upgrade is right on schedule. There are still some minor bugs, but these are not a problem. Some of them will be fixed before the launch, others afterwards.
“It looks like we are heading for a smooth transition, at least that’s what it looks like at the moment. We are very satisfied. We are on schedule with everything.”
Hoskinson and his team are now looking forward to the launch on September 12th with great anticipation.
The crypto exchange responded positively to Hoskinson’s statements: According to Investing.com data, it rose by almost 12 percent to $ 2.85 in the past 24 hours. This means that the third most important cryptocurrency by market capitalization is not only trading just below its record high ($ 2.97) at the beginning of the week, but is also about to jump to the psychologically important mark of $ 3.00.
In the opinion of the analysts, however, the round brand is by no means the end of the flagpole. The experts at Elliott Wave Forecast keep bull run to $ 3.33-3.58 is possible as long as ADA can hold above $ 2.4710 and the uptrend channel.
Many investors see the Alonzo upgrade as an opportunity for Cardano to finally catch up, especially with regard to smart contracts, an area currently dominated by the Ethereum blockchain. Whether this succeeds, however, also depends on how successful the upgrade process is.
“If the Alonzo upgrade is successfully implemented, it represents a potentially important milestone for Cardano and positions the platform as a direct competitor to Ethereum’s current dominance in the field of dApps and smart contracts,” said Josh Goodbody, COO at Qredo, the provider of decentralized Infrastructure and product solutions for managing digital assets, in an exclusive comment to Investing.com.
However, Goodbody also urged caution. Because “despite the progress made, the road to widespread acceptance of smart contracts on the Cardano blockchain remains long and difficult”.
According to the expert, only if Cardano succeeds in fully exploiting the full potential of the semi-flexible Haskell programming language can the Ethereum blockchain overtake it.
But this will still take time, said Kent Barton, Head of Research and Development at the Swiss crypto platform ShapeShift, in a note to Investing.com. After all, Ethereum has “a considerable lead” and is already converting trillions of dollars in value every quarter.
“Over time, however, Cardanos could resort to formal verification to improve smart contract security on Ethereum-based DApps [dezentrale Applikationen] move to increase their own reliability and security through more intense third-party reviews, better developer tools, and improved programming best practices, ”said Barton.