The long awaited update has become a reality. Cardano has introduced smart contracts. From now on, the ecosystem takes on a new meaning!
Alonzo is already with us
September 12 is becoming one of the most important dates in Cardano’s history. It was on this day that Hard Fork Alonzo was officially introduced, and with it in the space of the third largest cryptocurrency, it became possible to create smart contracts. The success was announced by the IOHK team, noting that this is just the beginning of a long road:
” This is where the mission really begins as we – the entire community – begin to realize the vision that we have all been working on for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.”
Thanks to Alonzo, writing smart contracts has become possible. However, the Plutus script, which is “a purpose-built language for programming and executing smart contracts using the functional programming language Haskell,” is responsible for the network’s proper operations in this matter. According to the team, it has unique advantages that competing models from other projects do not have. In addition, Plutus enables access to applications and services already running on the Cardano blockchain and it guarantees full interoperability between web browsers.
It was not without complications
A few days before the launch of Alonzo, there were rumors about the problems Cardano was supposed to experience with concurrency. This kind of complication is entitled to result in limitations on the number of users that can interact with contracts simultaneously. Charles Hoskinson and the IOHK team presented an in-depth analysis of Cardano’s operating system and indicated that this was not a fundamental problem for the network or for the contracts themselves.
Despite the success of the introduction of Alonzo and the successful denial of negative information, the creators appeal to the community, for reasonable requirements. Nevertheless, they point out that users of the network “can expect a sophisticated ecosystem and consumer-ready DApp apps, available immediately after the update.”
A real milestone, opening up wider possibilities
For Cardano, the introduction of Alonzo is fundamental to its continued operation. The network has repeatedly been accused of making promises and failing to deliver quickly. Believing in the project, investors who have shown patience have so far been able to earn a lot on the rise in the price of the ADA token. From now on the value of their coins will no longer be purely speculative. Cardano has gained a solid foundation. In the ecosystem there are already over 200 projects and it can be expected that soon there will be more. This can be helped by the ERC-20 converter, which is designed to support concepts built on the Ethereum infrastructure in a successful transition to Cardano. It can be expected that some of them will be tempted to move to the new space.