Alonzo update and smart contracts officially arrive at Cardano (ADA) By BeInCrypto

© Reuters. Alonzo update and smart contracts officially arrive at Cardano (ADA)

Plutus smart contract capabilities have been officially enabled on the Cardano mainnet (ADA) following the implementation of the Alonzo update.

During the night of Sunday, September 12, at approximately 21:47 (UTC) the long-awaited Alonzo update of the Cardano network took place, following the start of epoch 290 of the network.

The announcement was offered by IOHK through their official Twitter account (NYSE :), in which they indicated that they would hold a live to celebrate the important milestone reached by the “scientific cryptocurrency” community.

In this way, Cardano is already enabled to accept smart contracts, one of the most anticipated requirements by the community.

Source: Explorer.Cardano

Alonzo What does it mean for Cardano?

During the morning of Sunday, September 12, Input-Output Hong Kong (IOHK), the development team behind Cardano, posted via their blog that Alonzo will bring highly anticipated capabilities to Cardano through the integration of Plutus scripts into the blockchain.

“The Alonzo update […] it will usher in a new period of rapid growth. By allowing Plutus scripts to be written and executed on-chain, we will have the backbone for a new decentralized application platform, enabling numerous DApp and decentralized finance (DeFi) use cases, from simple swap-like applications to decentralized exchanges (DEX), and more complex computer programs such as oracles and algorithmic stablecoins backed by crypto ”.

Subsequently, the Cardano development team highlights that the network has a thriving NFT ecosystem, a roadmap for future governance through Voltaire and maximum scalability through Basho and Hydra:

“The future is bright and it stretches far; We will continue to travel the long way together ”.

Source: IOHK

After presenting the components of the Cardano ecosystem, IOHK highlights that these projects evolve as they move towards implementation:

“After the launch of our first full public testnet earlier this month, and now the mainnet, we expect many to start ramping up their development activity.”

Lastly, the developer team noted that many FUD cases will be generated in the coming weeks. In this sense, IOHK highlights that it is an opportunity to show that the detractors are wrong:

“We also have a vibrant and passionate community that never fails to support the project and respond with facts and courtesy. That continues to make everyone who works at Cardano exceptionally proud. Thanks”.

A few minutes ago, Cardano founder Charles Hoskinson tweeted:

“Always keep your eyes on the horizon while staying focused on what is in front of us.”

ADA price update

Following the flash crash that hit the crypto market on September 7, Cardano has seen slight upward growth.

At press time, ADA is trading at $ 2.56 which represents a drop of 5.33% in the last 24 hours and almost 14% in the last 7 days, according to data from CoinMarketCap.

The current price of ADA is XX% below the historical maximum of $ 3.10 registered on September 2.

At the time of publication, Cardano has a market capitalization of XX billion, consolidating itself in the top 3 cryptocurrencies, only surpassed by () and (ETH).

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Alonzo update and smart contracts officially arrive at Cardano (ADA) By BeInCrypto

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