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Cardano to reveal the launch date of smart contracts on Friday

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Cardano founder and IOHK CEO Charles Hoskinson said that the long-awaited Cardano smart contracts will launch on a date to be announced this Friday. The date will be before the Cardano Summit 2021 conference, which is already registering participants online.

In a video podcast Tuesday, he noted;

I just wanted to make a really quick video to tell you a few things, so we had our big meeting today and went through where we are on the progress with smart contracts.

We had a lot of discussions with partners and others and it looks like we are on our way by Friday to announce the date. We feel very comfortable with the date and I think it is a very achievable date and I think the community is going to be quite happy about it.

Cardano network growth

Founded in 2015, Cardano (ADA) has grown into a highly researched and peer-reviewed network and the world's fifth largest blockchain platform. The network is now preparing to launch its smart contracts that will allow developers to build and launch DApps on it. The development is significant as it will not only drive innovation in the network, but also the number of community members.

Last week, IOHK, which is Cardano's parent company, announced Alonzo Purple Testnet as the first public testnet. All interest group operators, members of the Plutus pioneer program, and exchanges can now participate in the testnet. IOHK is also making crypto exchanges “Alonzo HF ready” to ensure there are no disruptions to ADA transactions after the fork.

In response to the smart contract announcements, ADA has soared 20% in recent days. At the time of writing, ADA was trading at $ 1.83 per token, a 17.5% increase in one day, according to our data. ADA's market capitalization is now $ 58 billion, up from $ 38.9 billion in less than a month.

In addition, the activity of developers on the network has also increased, according to experts from the analytics firm Santiment. This is because Alonzo Purple is completely public for developers. Previous Alonzo Blue and Alonzo White were limited to 50 users and 500 validators, stakeholder operators, and developers.

ADA and the crypto community

Furthermore, the growth could be related to the newly introduced non-fungible appreciation tokens (NFTAs) minted on the Cardano blockchain. The NFTAs are the first of their kind in the world. Since they are based on Cardano and are native, they will not require smart contracts like Ethereum's ERC-20 tokens. Simply put, each NFT or NFTA will itself be a native token of the ADA network.

Nonetheless, a predictions market from July showed that most people are betting that Cardano won't launch smart contracts before October 1. Most are of the opinion that most blockchain development release dates actually end up being delayed. The ball is now in the court for Cardano as the community waits to know the release date and see if it will really pay off.

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