Road To Smart Contracts: “It’s A Go” For Cardano

Cardano integrating smart contracts capability has been a big project for the team now. Most of the needed upgrades on the way to this had been released with little to no delay by Cardano. Following the successful launch of the Alonzo White Hard Fork, the team had proceeded to the next phase of the project. In early August, the public testnet for Alonzo Purple was announced. Cardano’s developer IOHK had announced that the network had begun to onboard users to test this. Using tested and trusted network testers from their previous iterations.

ALONZO UPDATE: We’re delighted to announce that we have now successfully spun up #AlonzoPurple and have today begun the new user onboarding process👍 💪
1/12$ADA #Cardano @CardanoStiftung @Cardano @emurgo_io @IOHK_Charles

— Input Output (@InputOutputHK) August 6, 2021

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This drew more positivity to the market ahead of the scheduled launch in September. In reaction to this, the price of its native token ADA had rallied to new all-time highs. An over 100% growth in the space of a month saw ADA break over $2.5, setting a new record all-time, ahead of other leading cryptocurrencies in the market like Bitcoin and Ethereum.

Ready For Take-Off

Cardano founder Charles Hoskinson shared a video to reassure users that the project was right on track. While there is still a lot of work left to be done, Hoskinson confirmed that the scheduled date for release had not moved. “There is a few bugs here and there that are minor. A few quality things that are minor,” the founder said. “We’ll clean those things up.”

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Before this, the developer IOHK had shared on Twitter that they had submitted an upgrade proposal to the Cardano testnet. In their own words, this would “hard fork the chain into the Alonzo era and enable smart contract capability.”

The project had had a meeting with stakeholders of Cardano, which had more than 25 people in attendance, to determine if the decision would be a “go or no go” situation. Hoskinson happily shared that at the end of this, the outcome had been a go. Securing the September 12th date for the final launch.

Cardano (ADA) Set For The Moon

Despite the growth the asset has experienced recently, ADA has not slowed down in its price movements. The launch of the Cardano Alonzo Purple Hard Fork has the entire market at the edge of its seats. Hence, interest in the asset has seen a significant uptick. This has come with some interesting implications for the value of the digital asset.

ADA getting ready to retest $3 | Source: ADAUSD on TradingView.com

Breaking the previous all-time high had been the first part for ADA. Now, the coin looks ready to retest a significant resistance point for it; $3. A run-up had seen the price of ADA almost break this. But the coin had been promptly pushed back down. Seeing ADA finally peak at $2.95.

Featured image from Bakery and Snacks, chart from TradingView.com