The highly anticipated smart contract upgrade for InPutOutput HK-backed blockchain, Cardano, has finally seen the light of the day, as an announcement by the company earlier today revealed that the Alonzo upgrade has now been implemented.
The Alonzo upgrade welcomes Cardano into the gang of blockchains with Smart Contract, as it introduces smart contract capabilities on the IOHK owned Cardano blockchain, which the company sees as the beginning of many it intends to achieve.
According to IOHK in a blog post published before the upgrade was implemented, “This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long.”
While this appears like a significant achievement that welcomes Cardano into the league of networks with Smart Contract, it is worth noting that it would be far behind the most preferred Blockchain, Ethereum. Despite its high gas fee, it remains the choice for its industrial standard in smart contracts and Apps.
However, the target of Cardano with its new upgrade is to become the new leader in DeFi. According to it, “By allowing Plutus scripts to be written and executed on-chain, we’ll have the backbone for a new decentralized application platform, enabling numerous dApp and decentralized finance (DeFi) use cases.”
The company boasts that not fewer than 150 projects are currently developing on Cardano’s Project Catalyst innovation program, with about 800 projects already shown interest in $4 million worth of funding.
There are issues regarding the new upgrade, which question its capabilities. IOHK added,” Inevitably too; we can expect bad actors looking to take advantage via hacks, exploits, and the likes.”
It is worth noting that the massive gain of ADA since the past weeks during the buildup to the launch has waned. However, it hit its all-time high of $3 early in September. Things took a turn now that the upgrade is live. According to data from CoinGecko, ADA is 12 percent down, falling from $2.77 to $2.44 as of press time.