ADA Caradno developer IOHK has confirmed that the update's network release date will be September 12th. The long-awaited upgrade to the Cardano Mainnet will see the addition of smart contracts capability to the network, which would open the door for developers and investors in the network. The launch is scheduled for Sunday, four days from now.
LAUNCH CONFIRMED: Today, around 17:26 pm UTC we successfully submitted an update proposal to the #Cardano mainnet, to trigger a hard fork combinator event on Sunday #Cardano $ ISLANDS 1/6 pic.twitter.com/rEtjrdGiBV
- Input Output (@InputOutputHK) September 7, 2021
Taking it to Twitter, the developer shared with the general community that he had successfully submitted an update proposal to Cardano Mainnet. This would trigger the hard fork combinator (HFC) event that would take place on Sunday. “The Alonzo HFC event will be the most significant update yet, laying the firmest of foundations for a new era of smart contracts in Cardano,” said the developer.
The use of HFC technology will enable the deployment of smart contracts capability with the Plutus core, which will come with all compatibility updates across the entire software stack. Testing is already underway for the ability to smart contracts with trusted testers from previous upgrade iterations. So far, smart contracts are processing transactions accordingly, and developers have started building their DApps on the platform.
In this article, we will discuss:
Preparing to compete with Ethereum
The final deployment will see Cardano competing with other networks successfully operating in the space. Facing smart contract platforms known as Ethereum, and a new competitor that conquered the market, Solana.
The Alonzo Hard Fork will bring decentralized finance (DeFi) and decentralized exchanges (DEX) to the ecosystem, as well as features like being able to mint NFTs on the blockchain Cardano. Effectively expanding the scope of network use cases.
The network had had some problems before, when rumors started circulating on social networks that smart contracts could only handle one transaction at a time. But this was soon clarified by the developers, who showed that the problem was not with the network, but with DApp Minswap. IOHK further encouraged developers to continue testing on the network, adding that "this is what a test network is for."
Check out the cardan ecosystem
Cardano Price Reaction (ADA)
Cardano, like the rest of the market, is still recovering from the flash crash it experienced yesterday. Although it has bounced back from the lows of the flash crash, the digital asset continues to struggle to find balance back to its pre-crash positions. The Cardano developer's announcement didn't do much to push the price up, leaving the asset trading around the $2,3 range. Putting it back below May highs.
As of this writing, the asset is trading at $2,38, down more than 9% in the past 24 hours. The drop in its value reduced the asset's total market capitalization to $76 billion. Although it remains the third largest cryptocurrency in market value.
