Learn everything you want to know about the incoming Cardano (ADA) Alonzo upgrade here. For you to get yourself a better understanding of the ongoing Cardano network upgrade, this article should be your must-read exercise. Hopefully, by the end of this article, you will know all that the Cardano Alonzo upgrade implementation would exist to offer.
Before I set the ball rolling, let me first explain briefly what Cardano (ADA) is and what it pledges to deliver. In essence, this short ADA description intends to give further details about Cardano to anyone including newbies who have just heard of ADA.
Furthermore, this brief introduction to the ADA network prepares us for the much-anticipated Cardano Alonzo upgrade.
What is Cardano (ADA)?
Cardano is an open-source cryptocurrency and a public blockchain platform. Apart from its blockchain-based tech, Cardano is also a decentralized protocol that uses Proof-of-Stake (PoS) consensus mechanism in its operations.
Since Cardano’s inception in 2015, it has maintained a positive profile in the entire crypto space and its environs when it comes to delivering peer-to-peer (P2P) crypto transactions.
ADA is the native token of Cardano. Similar to heavyweights cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), Cardano can also be used as a store of value. Formal Ethereum Co-Founder Charles Hoskinson is the mastermind and creator who created the Cardano cryptocurrency.
Cardano has mostly been part of the most crypto topics discussed this year. Thus, this gives a signal that ADA is well prepared to drive better services to users. What Cardano provides momentarily does not limit its services in any way. Since the creation of ADA, the team behind the project has never stopped improving Cardano.
Day by day, the team has remained focus-driven. They are always working very hard to implement new techs to help push the Cardano network to the highest level. Consequently, their nonstop work has influenced the vast improvement and implementation of Cardano’s anticipated Alonzo hard fork upgrade.
About the Cardano Alonzo Upgrade
The Alonzo upgrade launch represents the roadmap of the Cardano Goguen era. Without a doubt, the upcoming Cardano Alonzo upgrade would move ADA towards a highly anticipated smart contract acquisition.
Of note, the Cardano team named the Alonzo upgrade after the US mathematician Alonzo Church (1903-95). Church mostly operated in the field of computer science at that time. Giving more credit to its achievement, Church discovered what is called lambda calculus which is usually called “small universal programming language”.
With this said, the programming language of the proposed Cardano smart contracts has been constructed using the Haskell language. Which is then developed by using lambda calculus principles.
In fact, this shows that Cardano is in the process of developing its overall network for betterment. At the moment, Cardano finds itself under a watershed phase of many upgrades for its network.
This is exactly the third phase after Cardano’s Byron and Shelley launch. After the Byron and Shelley phases, the ADA team began rolling several upgrades to bring smart contracts to the Cardano blockchain network.
Introducing to the community, the Cardano Goguen phase mostly divides into three main stages. The first phase is Allegra, following Mary as a second phase, and lastly the upcoming Cardano Alonzo upgrade.
Casting our mind back, the Allegra upgrade went live on the Cardano network in December, last year. Right after the launch, the Mary phase launch also happened.
Now, following the Allegra and Mary launch would hopefully give you the view of the Cardano Alonzo upgrade. In turn, this will eventually lead you to the Cardano Alonzo upgrade.
Looking at how the Cardano Goguen splits, the much-awaited Cardano Alonzo deployment also splits similarly. The Cardano Alonzo divides into three distinct phases dubbed Blue, White, and Purple. Meanwhile, the team behind the Cardano has already achieved a successful launch of the Alonzo Blue.
With the successful Alonzo Blue achievement, anyone on the Cardano network can now attempt to process smart contracts. More importantly, this means so much to the entire ADA community.
Now, with the Alonzo Purple, its debut started this month. After a success, Alonzo Red and Alonzo Black would be the last phase to be rolled.
Meanwhile, despite everything, the final Cardano Alonzo upgrade has been scheduled to eventually go live on September 12. However, the said date will mainly land on Monday. Although, there seems to be a little delay in the launch.
Based on how the Cardano Alonzo upgrade intends to bring the much-anticipated smart contract functionality to the network, the ADA community is readily prepared and they are fully waiting to see them in action.
With the upcoming Cardano Alonzo, the upgrade does not specifically hope to bring only smart contracts alone to the ADA’s network. Instead, it would deploy decentralized applications (DApps) also on the Cardano blockchain.
Same as how Ethereum is momentarily running several upgrades on its network, Cardano seems to be battling ETH.
Take note: Right after the Alonzo launch, the Cardano network will enter into phase number four and five of the project’s roadmap respectively.
At this time, the fourth and fifth phases are Basho and Voltaire. This, however, sounds quite different from the aforementioned Alonzo Blue, White, and Purple.
To ensure the complete functionality of the Cardano network, the Basho phase will work to improve scalability. Aside from this, the Basho phase is keen to mostly improve interoperability and other functions within the ADA blockchain network.
Without leaving the proposed Voltaire phase behind, it pledges to also make the entire Cardano network transparent and “truly decentralized”. Voltaire will further render massive transaction support to the ADA network. Thus, it will aid in the transfer of the whole Cardano government mechanism to the network participants.
If this happens, Cardano would not be under the Input and Output Hong Kong (IOHK) management anymore. In fact, all the discussed phases are expected to move the Cardano network eventually to the next spectrum.
Alongside the several phases and the roadmap of the ADA network, CEO Hoskinson mentioned that in the year coming, Cardano is going to welcome and run thousands of DApps and tons of projects on its blockchain.
Honestly, this sounds extremely promising as the Hoskinson bullish message about ADA reached a wider population. Many days after Hoskinson’s message, the crypto crowd also came out saying that what Hoskinson said seems somehow untrue.
They even went further and said that ADA has not yet reached the maximum utility level that Hoskinson claims. Despite the throwback challenge, most of the Cardano community defended what Hoskinson said. Hoskinson came out again with claims that the ADA project is mooning in line with its continuous upgrades. He added that people have even traded more than $10 million of Non-fungible tokens (NFTs) via the Cardano network.
What Benefits Will Cardano’s Smart Contracts Bring to Enterprises?
Based on our own research and observation, the incoming Cardano smart contract would be of great value to businesses and enterprises.
Also, developers would have full access to use the ADA blockchain tech to offer comprehensive services. These would include NFTs, crowdfunding, and DeFi Dapps services.
Furthermore, smart contract acquisition will also introduce and expose greater possibilities for ADA users.
This will include but is not limited to blockchain-based remittances, IoT monitoring, decentralized exchanges, and cost-efficient supply chain management.
Finally, the Cardano Alonzo upgrade will go live on September 12, 2021. The Alonzo upgrade indicates the roadmap towards the Cardano Goguen era. The upgrade intends to bring forth smart contract functionality to the Cardano blockchain protocol. This would help push the Cardano network to the next level.
With this in mind, introducing smart contracts on the ADA network would broadly help most businesses and enterprises aiming to use Cardano.
Without a doubt, this will pave the way for developers to use the Cardano network to offer understandable services such as DeFi DApps, NFT services, crowdfunding, and more others to users’.
The Cardano Alonzo upgrade was named after the US mathematician Alonzo Church (1903-95). Enhancing the security of the Alonzo launch is mostly part of what Cardano aims to offer.
The smart contract programming language is based on the Haskell language which then uses the lambda calculus principles.
Anything discussed in this article regarding the Cardano Alonzo upgrade is solely based on our own research and observation. Also, we advised that this newsletter does not exist as a financial guideline for anyone who wants to invest in ADA.
Never feel reluctant to read this article to better understand the upcoming Cardano Alonzo upgrade.
We strongly believe that with the help of our ADA tutorial, you now know what the incoming Cardano (ADA) Alonzo upgrade would deliver to the crypto world.