Cardano could be ready to launch smart contracts at any time. Important Points to Remember
- With the Alonzo hardfork on September 12, Cardano's team has announced that smart contracts will be available on the network.
- Cardano will be able to support DeFi, NFTs, and gaming apps after the launch.
- In anticipation of the update, Cardano's ADA currency has risen in value today. It is now the third most valuable cryptocurrency in terms of market capitalization. As part of the Alonzo hardfork, Cardano plans to launch smart contracts on September 12th.
Cardano Schedules Alonzo's September Release, The Cardano blockchain team has set a deadline for the release of its much-anticipated smart contracts.
The rollout of smart contracts will be carried out with a hardfork nicknamed "Alonzo" on September 12, according to the latest announcement from Input Output, the Cardano development team.
The implementation of smart contracts on the Proof-of-Stake blockchain will enable the development of decentralized applications (dApps) for use cases such as DeFi, written in Plutus, the company's in-house programming language.
Nigel Hemsley, Cardano's Head of Delivery, verified the news via a video stream. “We are soon approaching the mainnet hardfork,” he remarked. “Our engineering and testing teams are working tirelessly to ensure that all components are up to date and ready for the final Alonzo release.”
The team has previously been chastised for delayed rollouts and the lack of smart contracts. Cardano has made great progress in recent months, gradually resolving the timeframe for deploying smart contracts.
Input-Output launched Alonzo Purple, the project's first public test network, last week. The project is currently at the second-to-last step of a series of Alonzo testnets, which will culminate in a hardfork of the mainnet next month.
Alonzo Purple invites the public to test the smart contract code, run validator nodes, and stake assets on the network. In terms of the mainnet hardfork timing, the team expects to complete the main candidate release of the node within the next week. Furthermore, software testing and last-minute inspections will be prioritized in order to expedite the final deployment.
The company highlighted that around 140 exchanges would need to be ready with the whole software package, which includes components like DB-Sync, Cardano wallet, Rossetta API, and GraphQL Explorer, as part of the launch preparations. To achieve this goal, the Cardano Foundation is collaborating with 140 exchanges to begin the Alonzo Purple integration process.
Once all of the software components have been completed, the next phase will be to deploy a final testnet on September 1st, which will be the penultimate stage before the mainnet launch.
Cardano's native currency, ADA, has climbed into the top three cryptocurrencies by market valuation as the launch date approaches. It's up 17% in the last 24 hours, and it's trading above $2 for the first time since May. Cardano now has a market cap of $64.3 billion, trailing only the two most popular cryptocurrencies, Bitcoin and Ethereum.
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