Cardano To Become An Ethereum Contender Once It’s Alonzo Update Completes

Charles Hoskinson, the founder of Cardano (ADA), has said that Cardano will strive to become an Ethereum contender once its Alonzo update has been completed.

It has been reported that through his YouTube channel, he discussed Cardano’s roadmap covering the next four years in a video titled “Some Musings about the Roadmap.”

However, he mentioned that although the Cardano developers are working on solving the scalability issue and Cardano’s approach to it, he will only turn his attention toward this issue. The scalability phase of the Cardano roadmap is coming up next, following the completion of the Goguen update. This phase is named Basho, after the 17th-century Japanese haiku master.

The report said that Cardano has risen to become one of the top 10 cryptocurrencies in the world by market capitalization in a short time span. It currently ranks seventh, with a market capitalization of over $41 billion. It accounts for nearly 2% of the entire cryptocurrency market.

According to data from CoinGecko, Cardano hit an all-time high of $1.55 on April 14.

On its official website, Cardano claims that this decentralization event makes it one of the most decentralized blockchains in the world. The next and final phase of Goguen in Cardano’s roadmap is the previously delayed Alonzo update.

The upgrade will bring smart contract functionality to the blockchain. The development of this upgrade is enabled by the Plutus platform, which brings a native smart contract language to users of the Cardano blockchain as mentioned in an IOHK blog about Plutus.

Likewise, Cardano went through its Mary hard fork, which introduced tokens to the Cardano unspent transaction output set that allows custom tokens and nonfungible tokens to be processed by miners with the same cost efficiency as the native coin of the blockchain network, ADA.

Is this the rocket that takes Cardano to the moon? Some are expecting an ADA pump with new functionality and another update on the way. — Cointelegraph (@Cointelegraph) April 20, 2021

Cardano developers have even found a way to mint and sell NFT collectibles without smart contract functionality.

Thus, Johannes Jensen, the Product and Project Manager of eToroX, said:

“The Alonzo hard fork introduces a more complex coordination problem, as the surrounding ecosystem of service providers will need to prepare for the hard fork and the subsequent Cardano-based tokens and smart contracts altogether.”

Source: Cointelegraph | Image: Freepik


#CryptoNewsPoint #cardano #DigitalNotice #Alonzo #AlonzoUpdate #ethereum