Cardano successfully rolls out AlonzoWhite update and Charles Hoskinson introduces new stablecoin

For Hannah perez

The AlonzoWhite hard fork was deployed on the Cardano testnet, marking a new step on the smart contract path. Hoskinson unveiled a novel stablecoin design.

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Smart contracts are getting closer to reaching the Blockchain from Cardano after another milestone was reached for the project.

The developer of technological solutions behind Cardano (THERE IS), Input Output Hong Kong (IOHK), announced the deployment of the hard fork, also called hard fork, Alonzo White in the testnet (testnet) from Cardano. The research team reported the milestone through a series of tweets this Thursday.

We are pleased to report that around 7.44pm UTC today we have successfully forked the Alonzo testnet to the new AlonzoWhite node. The new network is already happily churning out blocks.

The hard fork AlonzoWhite carefully follow the project roadmap and mark a new breakthrough on the path to long-awaited smart contract functionality.

The blockchain of Cardano is in the middle of a multiphase update known as’Alonzo what will bring the smart contract functionality to said network. Each phase, called Blue, White Y Purple, will include more users, functionalities and features.

As such, bliss multi-stage upgrade is framed in the phase Goguen of the roadmap, which specifically addresses the challenge of implementing smart contracts. The full launch of Alonzo simplify the development of new decentralized applications (dApps), including decentralized finance protocols (DeFi) and is implemented in the mainnet (main network) by the end of August.

Expectations grow around Cardano

According to IOHK, the new update also includes an expansion of the project work team, with members of ProjectCatalyst and more partners from Plutus joining the network. Several hundred people are reportedly operating over the network Alonzo White. For its part, ProjectCatalyst has also funded several applications DeFi for the network.

“Over the past week, we have launched a new network and recruited our new members to help us move closer to smart contracts. Now the next stage of the journey begins “the team wrote in a tweet.

The Update of Cardano has generated great excitement among the tech enthusiast community this year. Many expect the potential and utility of such a blockchain to explode with the advent of smart contracts. The growth of the native token of Cardano, ADA, during the last months is an indicator of the optimistic sentiment that users have maintained regarding the project.

In the last 12 months, the price of ADA has registered an increase close to 900%. In May, the cryptocurrency reached an all-time high in price above $ 2, and while it has fallen from that peak, ADA is still posting significant gains. At the time of writing, the token is trading at USD $ 1.2.

In the midst of a bear market, ADA has quickly gained popularity. How we report in Daily bitcoin, recently, the eToro trading platform reported that the cryptocurrency of Cardano surpassed Bitcoin as the asset most maintained by users. Too Grayscale, the crypto fund manager, decided to include the ADA token to its large-cap fund, making it the third-largest holding, just behind Bitcoin Y Ethereum.

Charles Hoskinson presents algorithmic stablecoin

In other important announcements of Cardano, the CEO and co-founder of IOHK, Charles Hoskinson, presented this Thursday a new project of stablecoin that could soon be coming to the DeFi ecosystem of Cardano.

Hoskinson, who is often viewed by the community as the face of Cardano, he took to Twitter to share four screenshots from an article describing “a formally verified cryptocurrency-backed and linked algorithmic stablecoin“.

According to the document, eThe new protocol, called Grandpa, acts as a “autonomous bank” that guarantees the link to the basic fiat currency through the purchase and sale of the underlying assets (stablecoins).

The bank maintains a volatile cryptocurrency in its reserve and this reserve is used to buy stablecoins of the users. The income from those sales is stored in the reserve. The bank, for its part, also trades “reserve coins”To capitalize and maintain a ratio greater than one.

In addition, the authors emphasize that it is a novel stable coin model wherein the stability claims are precisely and mathematically expressed and proven. As noted, claims and their proofs are formally verified using two different techniques: Bounded Model Checking and Interactive Theoretical Proof.

To our knowledge, this is the first stablecoin protocol in which stability claims are accurately and mathematically established and demonstrated.“, Promises the project document.


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Sources: Twitter, U.Today, BeingCrypto, archive

Hannah Estefanía Pérez’s version / Daily bitcoin

Image from Unsplash

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Cardano successfully rolls out AlonzoWhite update and Charles Hoskinson introduces new stablecoin

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