Cardano successfully deploys smart contract functionality in testnet – DiarioBitcoin

For Hannah perez

The long-awaited smart contracts arrived on Cardano’s testnet on Tuesday, on schedule. The announcement pushed ADA’s price to new heights.

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The third major Blockchain by market capitalization, Cardano, has just taken a crucial step that marks a new milestone for the project: the deployment of smart contracts.

IOHK, the technology development company behind Cardano, announced this Thursday that on September 1 the testnet was successfully updated (testnet) from ‘Alonzo‘to include the smart contract capabilities of Plutus. The development team announced the news via their official Twitter account:

Yesterday we updated the Cardano testnet, successfully deploying the Plutus smart contracts capability. We are now focused on final component testing and exchange integrations, ahead of the Alonzo corenet upgrade, which is scheduled to roll out on 12 September.

It should be noted that smart contracts have not yet been added to the mainnet of Cardano. However, the deployment of the functionality in the testnet marks the previous step to the arrival of the smart contracts this blockchain. This is expected to finally happen on September 12, through the hard fork ‘Alonzo’ in the mainnet.

Cardano will finally put its potential to the test

After the long-awaited update, Cardano will enter the much anticipated Era Goguen, which means that developers will finally be able to start building decentralized applications (dApps) over this network. This will also mean that, for the first time, Cardano will be able to host decentralized finance platforms (DeFi), tokens natives, including NFT, among other things.

This deployment of smart contracts will finally place Cardano up to rival Ethereum, the leading blockchain in the field of decentralized applications.

Nowadays, Ethereum dominates the DeFi space with a total locked value of $ 95.8 billion, according to data from Defipulse. On the other hand, the network is also positioned as the leader in the growing market for tokens non-expendable. One of the main NFT platforms, OpenSea, overcame recently the USD $ 3 billion of transaction volume in Ethereum.

There are many expectations around the potential of Cardano to take a significant portion in these growing decentralized project spaces. In fact, Charles Hoskinson, the main founder of Cardano, who participated in the development of Ethereum During its first days, it has anticipated that at least 100 DeFi projects of Ethereum will migrate to Cardano after upgrade.

Expectations for the enormous potential of Cardano once smart contracts arrive, it is also favoring the price of the network’s native cryptocurrency, THERE IS. This Thursday, amid the announcements of the latest update, the token it reached the top of $ 3 for the first time.

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Although at the time of publishing, ADA has fallen slightly, trading around USD $ 2.97, it is expected that the deployment of the smart contracts can boost the cryptocurrency of Cardano to new price heights for the next several weeks.


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Sources: Twitter, Decrypt, archive

Article by Hannah Estefanía Pérez / DiairoBitcoin

Image from Unsplash

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Cardano successfully deploys smart contract functionality in testnet – DiarioBitcoin

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