Cardano finished its stunning Shelley stage before the Goguen phase.

The addition of the Alonzo update now gives Cardano the ability to compete with other decentralized financial ecosystems such as Binance, Polkadot, Ethereum, Solana, and others.

Named Cardano’s Goguen phase after Joseph Goguen, an American professor of computer science at the University of Oxford and California! This moved Cardano to a decentralized type from a federated blockchain, where the community became the chain’s validators rather than the developers.

Alonzo will launch in three phases, Alonzo White, Blue and Purple, each opening up to more public space until fully integrated. The process takes 90 days and leads to a smart contract that activates Cardano by August end. On the development side of Cardano, Alonzo’s announcement claims the update will allow more exciting additional features.

Smart Contracts In Cardano

Alonzo’s hard fork will bring exciting and long-awaited new capabilities to Cardano by integrating Plutus scripts into the blockchain.

The Testnet will slowly expand to more users. In the next few months, the program will expand to include more users as new functionality and features are added from the Testnet on the road to mainnet implementation.

These will enable the implementation of smart contracts in Cardano, so it can provide a wide range of new DeFi applications for the first time.

Ethereum is at this time the leader by a large majority in decentralized finance, but slow transaction times and high fees prevent users with smaller stakes from participating. This allows other projects like Cardano, Polkadot, Binance, and Solana to move forward and decrease Ethereum’s market share.

Cardano With A Bright Future

Cardano aims to create a public blockchain platform for smart contracts that automatically execute the terms of a legal contract or agreement. There’s a lot to like about Cardano and its growing place in the fast-growing cryptocurrency space.

Cardano is indeed an altcoin, and although many altcoins, for instance, Litecoin and Ethereum are gaining popularity and notoriety among investors, there are many smaller altcoins that no one has heard of. There are approximately 10,000 altcoins available today; more and more of these cryptocurrencies are being developed. These altcoins include everything from mining-based cryptocurrencies to utility tokens and security tokens.

Classified as a utility token because it helps facilitate smart contracts, a scientific approach characterizes Cardano. The company’s open-source blockchain is peer-reviewed by academics and professional computer programmers.

Ether is presently the biggest altcoin by market cap as Ether is the most widely used and most valuable crypto after Bitcoin. Where does Cardano fit in this crowded market? Cardano is one of the fastest-growing smaller altcoins.








Investors Trust Cardano More Than Other Altcoins

This approach adds a touch of legitimacy that many other altcoins lack. Investors believe they can trust Cardano as they have thoroughly reviewed the underlying technology. Cardano is currently worth $1.67 per coin. That may sound silly, but the cryptocurrency is up over 715 percent since the beginning of the year and 4,200 percent in the last 51 weeks.

And although its exact position fluctuates from day to day, Cardano is firmly one of the 10 largest cryptocurrencies with a market capitalization of almost $40 billion. When you consider that thousands of cryptocurrencies are flooding the market, being in the top 10 is an impressive feat. And it’s even more impressive when you consider that Cardano was less than five years ago.

Cardano can now also be bought and sold on the cryptocurrency exchange Coinbase, which is currently going public, through a direct listing. Coinbase is the largest and most widely used cryptocurrency exchange offering ADA-USD.

Previously, Cardano was only available on much smaller and more opaque crypto exchanges, making it inaccessible to many investors. Inclusion on Coinbase can only help expand the Cardano step and boost investor demand.

That Cardano is being developed by Charles Hopkinson, one of the creators of Ethereum gives considerable credibility in the world of cryptocurrencies. It also recently received significant confirmation from the University of Zurich, which stated in a document that Cardano is a POS (proof-of-stake) blockchain technology that is far more advanced than many similar cryptocurrencies.

Conclusion

Investors were equally delighted with the latest news from Charles Hopkinson that Cardano will soon use its blockchain technology to support NFTs that has become so hot in recent months. In 2021, NFT sales have increased over 2,000 percent so far, and individual NFTs have raised millions of dollars in auctions around the world. Cardano’s entry into NFT could step the price up even more.

Tagged with: , , , ,