Following months of anticipation, the Cardano network finally added smart contract capability. If you want to know more about the Cardano network, read our article What is ADA.
Cardano`s Alonzo Hard Fork
As part of the Alonzo upgrade, Cardano has added a host of new capabilities. Despite the smart contract being the primary, the network can now host applications and projects such as stablecoins, Dapps, NFTs and DeFi platforms.
The Alonzo upgrade has been a much-awaited hard fork since the network was deeply lacking in this regard. We reported that the weekly inflows of Cardano have reached a record high, mostly due to the anticipation for Alonzo.
The Alonzo hard fork will utilize Plutus scripts described as “a purpose-built smart contract development language and execution platform using the functional programming language Haskell.”
Peer Review Policy
The Cardano network has always been criticized for the lack of smart contract capability. This is primarily due to the peer review policy of the network. A policy which requires new projects to be reviewed by professionals and academics and approved for execution. This has always been a controversial point of argument. In one hand, some believe that peer review is beneficial as it could provide multiple opinions from multiple perspectives. On the other hand, it does take much longer to adopt new policies and might put the network behind other competitors.
The founder of Cardano, Charles Hoskinson stated in his speech on YouTube that this longer path could essentially be beneficial for the industry. He asserted that the slow and steady path will subsequently provide better results that can stand the test of time.
ADA Cardano
Cardano is currently the primary opponent for the Ethereum network. Charles Hoskinson was one of the main founders of the Ethereum but eventually parted due to differences in policies and directions.
The Cardano network is a third-gen blockchain network, successfully cutting down on gas fees and improving scalability.
investors expected that the price of ADA, the native token of the Cardano network to have a hike today, following the upgrade. However, much like other altcoins, ADA is down almost 5% due to the overall bear market.
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