Crypto Com Supports Cardanos Alonzo Hard Fork

The world’s largest crypto exchange, Binance, has announced that it will support Cardano’s upcoming network upgrade. Trading volume on the platform recently surpassed six figures per day.

Up from 64% eight weeks ago, now 81% participants are confident that smart contracts will arrive on Cardano’s mainnet by October 1, 2021. The development team is counting down to the Alonzo Hard Fork scheduled for September 12. The introduction of token locking will not negatively affect general ada holders, since wallets such as Daedalus and Yoroi will update automatically without requiring any action from ada holders. Shifting from BFT to Ouroboros Praos does not require all nodes to update simultaneously. Instead, nodes can update gradually, in fact, some can run Byron blocks, others – Shelley blocks. Indeed, this is the first epoch in which the network exceeded half a million transactions, he said during the YouTube watch party leading up to the hard fork. Cardano prepares to enter the decentralized application space as smart contract functionality arrives.

The Cardano Alonzo Hard Fork Looms

The hard fork combinator is designed to enable the combination of several protocols, without having to make significant adjustments. The current Cardano chain combines Byron and Shelley blocks, and after future transitions, it will also combine Goguen, Basho, and Voltaire blocks – all as a single property. This combinator facilitates the transition from Shelley to Goguen and beyond by simplifying the previous Byron-to-Shelley evolution. The Cardano blockchain has recently hard forked from a Byron federated model to a Shelley decentralized one. The update is a key part of of the Goguen era, which focuses primarily on building smart contract capabilities. With easier smart contract production and more development on Cardano, one can imagine the potential projects to be built. If you look at Ethereum, you can see hundreds of projects that can be redeployed, reiterated on and even improved upon on the Cardano network, including Uniswap, Aave and many more.

• Swiss Post announced it had to deal with technical issues when numerous orders hit its online shop all at once on the day the …
• With more than $400 billion under the hood, the ethereum market is by far the largest smart contract platform today in terms of fiat valuation.
• Ethereum’s fees and its difficulty scaling have led to funds moving to other smart contract competitors with lower fees and faster transaction times.
• Shifting from BFT to Ouroboros Praos does not require all nodes to update simultaneously.
• Cardano has a high developer count with the highest development activities amongst similar blockchain protocols thus improving the security and transparency of the network.

Note that Green correctly predicted that the Cardano price would reach $3 last week. Other analysts are even more bullish with figures of $5 to $7 being mentioned by end of year. Other users are however bullish on Cardano with Glauber Contessoto, a Dogecoin millionaire, saying that he was ready to go “all in” on Cardano and that he has plans to be its AD’s biggest fan.

Cardano’s ‘alonzo White’ Hard Fork Upgrade Has Been Successfully Completed, Paving The Way For Smart Contract Integration

Dalton Del Don analyzes every fantasy result from Sunday action, including George Kittle’s monster game. Watt’s dominant day, Week 13 featured several marquee performances from some of the NFL’s brightest stars. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade.

• According to data, the rally back towards $2.80 was triggered by momentary FOMO from the market, and historically, such rallies have always led back to a position of lower lows in the charts.
• Cardano’s ada coin recently became the third largest by market value, at $75 billion in size, although it is still dwarfed by bitcoin, the most widely traded digital coin, which has a market cap of $836 billion.
• Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.
• Take the case of OpenSea.io, an NFT marketplace built on the Ethereum blockchain.
• Dogecoin also showed a big decline on that day, following the fall of the flagship cryptocurrency, Bitcoin, below the $50,000 level.

However, analysts believe that the ADA price would reach new highs once new Dapps and NFTs start making their way into the ecosystem. Cryptocurrency exchange FTX has introduced the first phase of Ethereum-based non-fungible tokens to its native NFT marketplace.

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Moreover, on-chain metrics for ADA also suggest that this move is possible. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.

Cardano has successfully upgraded by completing the Alonzo hard fork at epoch 290 on August 12, 2021. This has enabled the developers to create and execute smart contracts on Cardano’s public blockchain. Charles Hoskinson’s excitement is palpable at the moment, and rightly so. The Alonzo hardfork is one of the most important upgrades for the ADA network and it will be bringing forward smart contract functionality. Yet, the necessary positive effects will possibly take place over time and it is highly unlikely that the price recovers previous high levels based on the upgrade. The upgrade to the Cardano platform which is expected to fully roll-out tomorrow September 12 marks the end of the Shelley era of Cardano and signifies the beginning of the Goguen phase. While there the date for the end of the Alonzo hard fork has not been set, developers across the Cardano blockchain have been working on testnets and have strictly followed a defined roadmap with specific milestones.

Experts earlier predicted that the coin could increase and surpass the long-term resistance of $3 after the hard fork. Cardano Byron mainnet ran on the Ouroboros Classic consensus protocol. Plutus and Haskell use the same code base for off- and on-chain development. This means that at the core, the coding is identical so that there will be no complications with programming languages when developing smart contracts. That allows Plutus contracts to become even more straightforward and permits testing, which will allow developers to perfect their products for much more intensive loads such as hosting large institutions or governments. IOHK, the blockchain research and development company that backs Cardano’s infrastructure, discussed the planned upgrades and improvements to the smart contract functionality at this summit. It remains to be seen when the deployment of actual DApps can be done on the network, but it’s not an instantaneous process.

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Automated market maker Cardaswap will get bridged to the Cardano blockchain after successful completion of the Alonzo hard fork. Alonzo hard fork is one of the most anticipated events in the crypto world. Cardano investors are explicitly going to benefit vastly, especially with the increased network what is a hard fork traffic caused by Defi development. The past seven-day data shows that the coin gained over 50% in price and a 15% gain in 24 hours. All the nodes that are involved in the network maintenance will have to ‘agree’ on this transition to a new protocol, that is, they will need to reach a consensus.

• Next, there’s DEX Uniswap, which is also built on the Ethereum blockchain.
• Moreover, the rise in gas fees for Ethereum has made it more popular.
• If the price overgrows, investors could lose confidence and probably fear investing due to the high risks.
• The term hard fork is used to describe a radical change in the blockchain, for example, a change from one protocol to another.
• These might include the creation of custom payment tokens or rewards for decentralized applications; stablecoins pegged to other currencies; or unique assets that represent intellectual property.
• The token can represent an item that is accounted for by the blockchain ledger, including ada, but soon will include other custom token types.

If you wish to trade Cardano, this guide on how to buy cryptocurrency could be of help. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Metaverse Is Up 37,000% This Year, Outperforming Both Bitcoin And Other Sectors

In terms of the total number of developers building a particular blockchain network, Ethereum is still ranked at the top with 168 monthly active developers . Cardano follows closely in second place with 165 MAD, showing a higher year-over-year increase of 31.8%. The network already has the functionality that allows the creation of NFTs. According to data provided by Cardano to Cointelegraph, there have been 780,436 NFTs minted on the network.

This upgrade introduces a versatile platform opening up opportunities for businesses and developers, by allowing the creation of smart contracts and decentralized applications for decentralized finance . Recently, the actions that followed Ethereum launching the London hard fork should give Cardano investors hope for a better time. The crypto could follow the course and probably surpass the $5 long-term resistance since the activities will vastly increase in Cardano. Many analytical platforms predicted that ADA could reach $5 and $10 in 5 to 10 years. However, once smart contracts are available, ADA could surpass $10 as early as 2025. The prices of the Cardano currency are likely to increase even further, especially as the launch of smart contracts edges closer. ADA’s steady rise started mid-July and is most likely because of the impending hard fork.

According to the founder’s statements, both technical people and non-technical people can now create applications on the Cardano network as they wish. The Marlowe team implemented serialization features in the marlowe-cardano repo and worked on the proof of concept of sharing wallets between the wallet backend, Daedalus, and Nami. The team added transaction building and submitting capabilities to the Marlowe CLI and reduced validators’ size. Finally, they continued working on the purescript model for ACTUS Lab and libraries for data collection and form validation.

This indicates that the sellers are attempting to regain control of the market momentum. This is followed by $2.70 (20-day MA), $2.95 (1.272 Fib Extension) – $3.00, and $3.20 (1.414 Fib Extension). ADA fell from near $3 last week to spike as low as $1.97 (.618 Fib) during the flash crash. By the end of the week, ADA had established support at $2.35 (.382 Fib) and rebounded from there over the weekend. Finally, they replaced cardano-ledger types with cardano-api types in most parts of the codebase.

This innovative Alonzo network upgrade is a key step as the project moves towards the full launch release date in August. Get smarter with context and commentary on the week’s top blockchain & crypto trends in Asia. According to data, the rally back towards $2.80 was triggered by momentary FOMO from the market, and historically, such rallies have always led back to a position of lower lows in the charts. Right now, the asset was valued at near $2.60, which can be inferred as bullish momentum currently fading off in the market. Crypto Analyst and Technical Writer Nancy is a successful crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends. For Cardano to remain bullish, it needs a daily close above the $2.68 resistance level.

Finally, Ethereum-inspired crypto borrowing and lending platforms like Aave have seen over $18 billion in total deposits during the same period. The proposal will trigger the third and final hard fork combinator event on September 12th, resulting in the full implementation of smart contract capabilities on the Cardano blockchain. In August 2021, Cardano’s ADA cryptocurrency became the world’s third-largest virtual currency by market capitalization, behind Bitcoin and Ethereum. It broke the $3 mark for the first time in early September, as excitement grew ahead of the smart contract launch. IOHK, the blockchain company behindCardano has confirmed that its systems go for the Alonzo Hard Fork upgrade.

The Minswap team, however, stressed that they were aware of the challenge since they first began building on Cardano over six months ago. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns as of January 1, 2021.

It remains to be seen how fast real utility could come to the Cardano network in terms of DApps and other decentralized finance features. Johnny Lyu, CEO of crypto exchange KuCoin, told Cointelegraph that even though the Alonzo upgrade is a landmark event for Cardano, one shouldn’t expect lightning-fast achievements in a short period of time. IOHK went on to say that Alonzo Purple will be the first fully public Cardano testnet to support smart contracts. Blockchain — investors have been dumping the network’s native ADA coins. Indeed, the value of ADA has fallen by about 25% from its all-time highs last month. However, after the Alonzo smart contract upgrade, the price of ADA has dropped by -5.25% in the last 24-hours.

This week, the team worked on the chain database and explored its structure to integrate the hard disk interface within the initialization phase. They worked on improving database initialization tracers and UTXO HD properties. Finally, the team created instructions for SPOs in preparation for the semi-public P2P testnet release, and worked with technical writers on the new blog post announcing this.

They also prepared updates for cardano-rosetta and cardano-graphql to enable compatibility with db-sync 12.0.0, and are also working on the development of cardano-js-sdk. Such capability is enabled by adding the necessary tools and the infrastructure using the Plutus Platform. Applying a rigorous approach based on formal methods and verification, Alonzo extends the basic multi-signature scripting language used in Cardano Shelley. Multisig is being upgraded to the Plutus Core language for more powerful and secure scripting options.

However, experts will tell you that Cardano — its native virtual currency ADA — is a cryptocurrency to watch out for as it recently became the third-largest cryptocurrency in the world. If all goes well then the community hopes the network can be expanded to leverage defi, NFTs, tokenization, and other types of dapps. Alonzo is part of Cardano’s roadmap which involves five different eras including Byron, Shelley, Goguen, Basho, and Voltaire. Yuri is a crypto journalist interested in technology and technical innovations. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. Cardano’s ada coin recently became the third largest by market value, at $75 billion in size, although it is still dwarfed by bitcoin, the most widely traded digital coin, which has a market cap of $836 billion.

The Cardano community now has renewed confidence in its smart contract launch on the mainnet following the updated announcement and the price rally. It is evident from a bet on the launch of smart contracts on the Cardano network. In an open-betting pool on Polymarket, a global information markets platform, 81% of the participants are in favor of Cardano’s mainnet launch. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. With more than $400 billion under the hood, the ethereum market is by far the largest smart contract platform today in terms of fiat valuation.

Author: William Watts