Cardano’s own digital asset, the ADA, has grown to become the third-largest cryptocurrency by market capitalization as a result of the Alonzo upgrade.
Around 100 smart contracts have been built in less than 24 hours since the Alonzo smart contract was launched on the Cardano mainnet.
The Cardano network was created as a game-changing blockchain protocol to address the underlying issues of excessive gas fees and lack of scalability that plague existing solutions. Cardano is now significantly prepared to signal a move into an accessible financial future powered by blockchain technology, with the plan leading up to the construction of smart contracts taking up to six years.
“This upgrade is the result of six years of tremendously hard work with some of the best brains in blockchain and beyond,” said Charles Hoskinson, Cardano Founder and CEO of IOHK. With this launch, the community as well as the system architects are in charge of commercialization, and they are already delivering. Over 100 smart contracts have already been run on the network in less than 24 hours.”
Leading up to the launch of the smart contract architecture, the Cardano blockchain adopted a unique strategy to keep up with the rapidly increasing world of Non-Fungible Tokens (NFT). As a result of the allowance, up to 780,000 NFTs have been created on the blockchain, with new marketplaces springing up every day.
Hoskinson has high hopes for the network’s potential. To help with this, IOHK has developed Project Catalyst, a project that aims to accelerate the development of DApps that use Cardano’s capability to help with blockchain adoption.
“By this time next year, there will be useful, and in some cases life-changing, decentralised applications operating on the system, transforming the lives of millions to billions of people over the next decade,” he continued.