There is no doubt that altcoins are becoming a lot more popular.
Cardano stole the third spot in the rank of the world’s largest cryptocurrencies after Ethereum and Bitcoin. 2021 seems to be a pretty good year for the Crypto as it went up by more than 1668%.
The price of the Cardano currency grew by around 11% in the 24 hours leading up to August 23, with the curve still increasing upwards. The altcoin’s price is currently $2.89 with a market capitalization of more than $90 billion.
With Cardano’s prices doubling, experts believe the currency might rise to 4 dollars by the end of 2021. On Sunday, September 12, the blockchain will launch a game-changing upgrade that will, in turn, fuel the project’s futuristic goals.
So What Is the Long-Awaited Alonzo Upgrade?
The Alonzo Hard Fork, also known as Alonzo Hard Fork, is Cardano’s major upgrade to implement the long-awaited “Smart Contract.” Smart contracts are computer codes that automatically execute a process when certain conditions are met.
The Cardano blockchain has four periods including; Byron, Shelley, Goguen, Basho, and Voltaire.
The project team is getting into the Goguen era, and there is no better way to usher this period than with the aforementioned Smart Contracts.
The main advantage of this upgrade is that everyone will build smart contracts even without a technical background.
These smart contracts will, in turn, allow individuals to make agreements without a centralized party getting involved.
There will also be an additional multi-currency ledger that will allow users to create new native supported tokens. The result will be new currencies, NFTs minting, and automatic lending on the blockchain.
The Alonzo Upgrade has three stages and they include;
- Alonzo Blue – introduce smart contracts to the network.
- White – expanding Alonzo blue
- Purple – divided into “light purple” and “dark purple” is the final public test resulting in thousands of participants joining the network.
Alonzo Red and Alonzo Black will follow, and other than fixing bugs, it will add to the number of users in the network.
Final Thoughts
This major upgrade will allow smart contracts to get built on the network; hence Cardano will attract more users.
Ziglu’s CEO says Ethereum and Cardano have increased in value (300% and 1,200%) throughout 2021 compared to growth of over 50% for Bitcoin.