A video announcement emanating from Cardano’s Nigel Hemsley has revealed 12 September as the date set for launching the highly anticipated upgrade “Alonzo upgrade” of the blockchain.
In the video, Nigel Hemsley confirmed it would happen on the set date: “It’s happening, we’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event. Find out more about the journey to a new era of smart contracts, defi, and more for Cardano (ADA).” The asset community expects improved smart contract solutions and decentralized finance (defi) protocols with Alonzo.
The highly anticipated update, which aims to boost the project with a fully functional, advanced smart contract solution, derives its name “Alonzo” from Alonzo Church, a mathematician and computer scientist, while “purple” comes from its coloured-coded stages.
Although Alonzo’s features will major on smart contracts and DeFi, the new addition is expected to bolster concepts like tokenization and non-fungible token ideas. As a plus, it will enable ER20 tokens derived from Ethereum to be leveraged on the network.
While the plan now looks possible, the IOHK project had been criticized in the past for its promise of fully functional, advanced smart contracts and other features. Sceptics even bet on the possibility of Cardano’s support for Smart Contract by October.
Per CoinGecko, ADA on Friday jumped by more than 16 percent, and within a week, it saw over 45 percent gain. Within the year, it has gained 1,365 percent. Cardano’s market cap is currently around $65.7 billion.