Input Output Global (IOG) announced that the main Cardano testnet has been updated to the Alonzo era.
As the cryptocurrency market continues to experience losses under the influence of harsh corrections, the good news for blockchain technology continues to come. Cardano (ADA), which is ranked 5th among the best cryptocurrencies with a market capitalization of $ 50 billion by market value, announced that the Alonzo update, which is a revolutionary for its ecosystem, has started the testing phase.
Active days continue for Cardano, which is one of the cryptocurrencies expected to gain the most value in June by cryptcurrency experts. Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), to which Cardano is affiliated, states that the next 90 days will be the most important period in the company’s history. In the process, an advanced smart contract technology will be added to the Cardano ecosystem, which has previously brought great success to Ethereum. If the Alonzo update, which is eagerly awaited by the ADA community, succeeds, decentralized finance (DeFi) projects, which are the most successful platforms of recent times, will be added to the ecosystem.
However, its update also includes a new plugin that will enable ERC-20 tokens, which are Ethereum tokens, to be converted on the Cardano network. Thanks to this plugin, ERC-20 tokens will be able to participate in transactions on the Cardano network very quickly.
The First Stage of the 3-Stage Process Started on May 27
According to the roadmap determined by the IOHK company, the Alonzo update, which will enable the addition of smart contracts to the system, will consist of three stages. The Blue Alonzo studies, the first step of these three phases called Blue, White and Purple, were launched on 27 May. At this stage, the Plutus project, which includes some important Cardano scripts, will keep up with the new system.
The Cardano blockchain network will be completely different after the update. An update model called Hard Fork will be followed. In the hard fork model, two different blockchain networks emerge and the old project disappears completely. In another forking model, the soft fork model, the same blockchain network continues to work without revealing a different model after the codes added to the already working model.
1 Million Cardano Wallets
In the last stage of the bull run that took place in May, ADA, which exceeded the $2 threshold and reached all-time highs, started to attract the attention of institutional investors as well as crypto money investors. Especially the discussions on energy consumption caused the ADA value to skyrocket. The price of ADA, which is among the least energy-consuming cryptocurrencies, doubled in a very short time during this period, breaking a new record.
After the increasing ADA purchases, the number of official ADA wallets opened in the ecosystem started to increase. The number of wallets available only on the Cardano network, except for cryptocurrency exchanges, has exceeded 1 million. According to experts, the increase in the number of crypto wallets, which peaked after the news that smart contracts will be added to the system, represents the trust of investors in Cardano.
Renewed Cardano Will Shine
Cardano occupies a special position among all blockchain projects. The Group has carried out successful projects in Asia, South America and especially in Africa. In this way, the project, which attracted attention, realized some projects with the Ethiopian state, which enabled very important steps to be taken in the field of education. Cardano, which has been working to overcome real-world problems with blockchain technology for years, has produced projects that work actively in many areas. IOHK company announced that it will open two new laboratories by spending 9 million dollars to accelerate these studies.
A large part of the ADA tokens that emerge after transactions in the Cardano ecosystem are transferred to charities located in various parts of the world. It is stated that the amount of these aids allegedly provided by Cardano exceeds 500 million dollars.
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