Input Output Hong Kong (IOHK), the developer of the Cardano (ADA) network, this week finally has the long-awaited launch date for the ‘Alonzo’ hard fork announced. The update will take place this Sunday, September 12. That’s in three days!
LAUNCH CONFIRMED: Today, around 17:26 UTC we successfully submitted an update proposal to the #Cardano mainnet, to trigger a hard fork combinator event on Sunday ???????? #Cardano $ADA 1/6 pic.twitter.com/rEtjrdGiBV
— Input Output (@InputOutputHK) September 7, 2021
The Alonzo hard fork is the most significant upgrade for the Cardano network to date, IOHK reports. Finally will smart contracts are introduced on the mainnet, or main network, of Cardano. The proposal for the launch was submitted on September 7.
“We are on our way. Remember, this may be the end of a long journey. But it is also the start of an exciting new phase in our development as a smart contracts network. We will have a lot to share in the coming months as our exciting ecosystem continues to grow.”
According to IOHK. With the introduction of smart contracts functionalities, Cardano also wants to: decentralized finance (DeFi) attract and decentralize projects cryptocurrency-exchanges (DEX) launch on the blockchain network.
The introduction of these functionalities however recently encountered problems on the Cardano testnet. Miniswap, a DEX, struggled with certain concurrency, or simultaneous calculations, on the network. This caused much criticism and even panic among proponents.
Cardano founder Charles Hoskinson called it all though fear, uncertainty & doubt (ALL). He said that there is no problem at all and that nothing needs to be fixed. Hoskinson congratulated yesterday the bitcoin community with the new law in El Salvador.
The ADA price fell hard for a while this week when bitcoin (BTC) crashed and dragged the rest of the market down with it. ADA then fell harder and perhaps the above FUD played a role in this. Despite this, ADA is again rising sharply today, the price is 11% in the plus and comes in at $2.62. Perhaps the hype about the update is driving the price, although it is not rising as fast as competitor solana (SOL) today.
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