In a significant development, the Cardano program has launched its new platform Alonzo for smart contracts. The platform has already been launched, and the news was made public by one of the associated entities of the platform, Input Output Hong Kong, which also made public the rollout plan.
The statement from IOHK revealed that the rollout of Alonzo would be completed in different steps, with each phase representing a color. Currently, the blue phase is in process, which would be succeeded by white and, later, purple. Plus, it is also in touch with SPOs to partner with them and helps them lay the structure and foundation for the testnet.
With the launch of this new platform, smart contracts will be enabled on the platform accompanied by numerous other features, thanks to its integration of Plutus scripts. Besides that, the move is likely to pave the way for creating new decentralized platforms, especially finance-related ones.
Cardano is Experiencing a Good run
ADA has been one of the best performing tokens in the crypto market in the last few months. Many credit the new peer-to-peer agreements option behind the outstanding performance of the token.
In addition to its technical updates, the network is now expanding its reach to developing and third-world countries. Only recently, Cardano partnered with the government in Ethiopia to lay the foundation of the distributed ledger system for the country’s education.
Not only that, with a significant number of investors joining the network. And with the addition of new features, many experts see Cardano as an alternative to Ethereum blockchain and suggest that its progress would ultimately lead to the expansion of the DeFi space.