Since the beginning of 2021, attempts have been made to connect the Cardano coin with various decentralized initiatives, and it is undergoing several upgrades. The “Alonzo HardFork,” which supports smart contracts, is one idea to integrate the token. Furthermore, similar to ETH, the crypto is attempting to establish its network.
The token renewals began in May, and the work team hasn’t stopped since then. The inventor of the token claims that the upgrade will be ready shortly and that interested users will take advantage of it. Many people who have long backed Cardano and its network have been waiting for this upgrade.
Cardano promises a major upgrade shortly.
According to Cardano founder Charles Hoskinson, the upgrade is in the works and will be released in the coming weeks. In a live session on YouTube, Hoskinson answered all of his client’s questions regarding the cryptocurrency, to which he received a positive response. Due to its intricacy, the CEO even stated that the upgrade was split into two parts.
According to Hoskinson’s predictions, Cardano‘s first update point will incorporate the fork’s combinator event, which will boost the network’s potential. A strategy to run the applications within or outside the Blockchain network will be the second point in the upgrade. The second portion of the update focuses on how ADA will assist the building of decentralized apps.
The film, dubbed Hard Fork by Hoskinson, will be released in September. On the other hand, Hoskinson expects that by August, all parameters in the upgrade would be finalized. When the upgrade goes live, users will be able to use smart contracts on the Cardano network.
According to Hoskinson, this upgrade will allow room for token-related crypto applications like Marlowe. Aside from that, he promises a low adoption rate for the applications, backed up by the Blockchain network.
As a result of the latest ADA upgrade, network stakes are increasing.
Over 50,000 participant addresses were committed to the ADA network in July, with the network set to be live in September. In addition, Cardano has reached 660,000 staking addresses, according to the reports. Over $29 billion has been staked, accounting for 70% of the entire token storage.
ADA recently collaborated on several projects, including student identification and certification service. Users have taken to the token, and its value may rise as a result of the upgrade. According to CoinMarketCap, the cryptocurrency is currently trading at $1.36, up 3.72 percent in the previous 24 hours.
Within the CoinMarketCap platform, ADA is rated fifth in terms of market popularity and value. In addition, the Grayscale website recommended ADA as a decentralized investment option.
Because of its use of smart contracts, ADA might become a serious competitor to Ethereum.