The world’s third-largest cryptocurrency by market capitalization, Cardano, has confirmed the successful completion of its Alonzo hard fork. Following the hard fork, Cardano has already launched its Plutus-powered smart contracts.
The new development will allow Cardano to harness its full potential. Cardano in its statement has said that it is still early and it is only now when the mission truly begins.
In a post, they said: “This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.”
Following the Alonzo hard fork, Cardano will now be able to offer smart contracts written using Plutus scripts. The team explains the Plutus script as “a purpose-built smart contract development language and execution platform using the functional programming language Haskell.”
“There are high expectations resting on this upgrade. Some unreasonably so. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.”
Cardano is currently the world’s third-largest cryptocurrency by market cap. While the ADA token prices have taken a slight hit over the past week, experts are predicting ADA prices to go up soon. Many are predicting ADA to hit $5 mark by the end of 2021.