Cardano developers and their global community are gearing up for the highly anticipated launch of smart contracts, which will be enabled by Cardano's native smart contract language, Plutus, and the latest planned update, Alonzo.
The smart contract implementation project is expected to increase the value of ADA even beyond its all-time highest price of $ 2.46 reached on May 16, 2021.
According to Cardano developers, the upcoming Alonzo hard fork will finally allow Dapp developers to implement different types of smart contracts on their platform.
"The Alonzo hardfork will bring exciting and much anticipated new capabilities to Cardano through the integration of Plutus scripts into the blockchain."
Cardano's parent company IOHK explains that Plutus contracts consist of "Parts that run on the blockchain (chain code) and parts that run on a user's machine (off-chain or client code)."
After the successful launch of his Mainnet, Shelley Network in July 2020, Hoskinson promised that Cardano would have thousands of dApps running in a year.
Cardano's track record speaks for itself
Cardano founder Charles Hoskinson considers Cardano to be a 3rd generation blockchain-based technology using the Proof-of-Stake consensus algorithm and therefore the best truly decentralized blockchain platform.
Despite not having smart contracts, Cardano's popularity comes from having multiple successful launches sequentially introducing new functionality (updates) to ultimately support the launch of different smart contracts.
In early March, Cardano successfully implemented the Mary hardfork to allow users to create new tokens and conduct multi-asset transactions directly on the Cardano blockchain, as its native ADA currency.
Other hard forks include Byron (wallet support), Shelley (participation, decentralization, multi-asset functionality), Goguen (smart contract support), Basho (scalability, optimization), and Voltaire (good governance).
In addition to solving the high power, scalability, and interoperability limitations associated with proof-of-work platforms, Cardano recently announced an ongoing research project to solve the challenge of high transaction costs on the Ethereum and Bitcoin networks.
According to a Tweet From one of Cardano Pool's leading supporters and operators, Cardanians.io, launching smart contracts on the platform will take you further away from your competitors, regardless of the market season.
“There are only 70 days until we see smart contracts in #Cardano. If the fundamentals are solid, the project can grow during a bear market ”.
As reported by Crypto Report, one of the first projects to be considered for development on the platform is a dApp version of Shopify, to help more than 500,000 merchants accept or make payments in ADA.
Cardano as one of Ethereum's top killers
Cardano's goal is to be the ultimate blockchain ecosystem that aims to provide the perfect and evolving platform for decentralized applications around the world, but offers stiff competition to other similar platforms such as Ethereum and Polkadot.
Its notable features include the ERC20 converter, an interoperability feature that would allow Ethereum-based tokens to run on Cardano. This would allow Ethereum users to migrate their tokens to Cardano and continue to use them in Cardano-based dApps.
Ethereum is the largest dApps ecosystem, with over 4,000 smart contracts depending on it, weighing heavily on your POW system, leading to network congestion and runaway gas rates.
Cardano has also shown great interest in expanding its operations in Africa, with two of its most important partnerships on the continent with the governments of Ethiopia and Tanzania.