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Cardano Will Get Smart Contracts After the Hard Fork

Cardano (ADA) founder Charles Hoskinson has announced that smart contracts would be available on the cryptocurrency’s network after the Alonzo hard fork, adding that the architecture on Cardano will only improve over time.

 

Hoskinson clarified during a live-streamed update that there are two parallel tracks leading up to the hard fork: the combinator event, which will give the node “Alonzo capabilities,” and the “infrastructure around that node, which allows you to run both off-chain and on-chain code and build full dapps.”

 

Hoskinson also stated that the hard fork infrastructure will be built “in the August-September time frame,” which means that Cardano users will be able to “run smart contracts the moment the hard fork comes on Cardano infrastructure, building an increasingly better environment for Cardano apps to be developed and deployed on.”

 

The Cardano founder stated that the sophistication of what people will create on top of Cardano will only improve with time, but that because there are so many integration partners involved, the upgrade would be done in stages to avoid causing damage to the infrastructure. Nonetheless, smart contracts will be executable immediately following the fork.

 

Last month, ADA’s famous Yoroi wallet unveiled a decentralised application connector, which will make it easier for users to engage with smart contracts and these applications once they become live on the Cardano network, according to CryptoGlobe.

 

The Alonzo hard fork is part of the network’s “Goguen” era, which is named after Joseph Goguen, a computer science professor at the University of California and the University of Oxford. After the Shelley phase, when Cardano became a decentralised blockchain and community members became validators, the Goguen age began.

 

Blue, white, and purple will be the first three phases of Alonzo’s release. Until the upgrade’s full integration is complete, each opens up more to the public. As Hoskinson pointed out, there’s no need to “walk through the whole rainbow” because the hard fork will be the foundation for future improvements.

 

On the Cardano network, some decentralised platforms are already preparing to go live. Cardax, the first decentralised exchange slated to run on it, just completed its first community sale, raising $1.5 million.

 

Cardax plans to deploy major features that will allow users to earn as liquidity providers from the fees the exchange collects, trade ADA with any native token using the Yoroi Cardano wallet, and trade in single transactions, in addition to native support for native tokens on Cardano.

 

As CryptoGlobe previously reported, Amy Arnott, a cryptocurrency portfolio manager at Morningstar, stated last week that she believes ADA, along with Bitcoin and Ethereum, may become one of the top three cryptocurrencies by market capitalization and go mainstream.