Input-Output Hong Kong (IOHK), the company behind Cardano Network, has announced the launch of the test phase of Cardano’s Alonzo update.
“Today, we are delighted to report that we have successfully spun the first testnet in our #Alonzo rollout,” IOHK announced via its Twitter page.
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The Alonzo update is one of the billed updates to bring smart contract functionalities to the blockchain. It is also planned to ensure the deployment of several decentralized finance (DeFi) applications for the first time.
The launch will take place in three phases
According to the announcement, the full deployment of Alonzo will cover three phases, with all phases expected to be completed in 90 days. In each of the phases, Cardano hopes to add more features, functionality, and more users.
With the projected time of completion, the Cardano (ADA / USD) smart contract is expected to go live in late August unless a problem arises.
The last phase in the development of the network will be the “Goguen” era, which will bring smart contracts to the Cardano platform. However, after the Goguen era, the developers say that the platform still has to go through two more eras, called the «Basho» and «Voltaire» era.
The update will allow Cardano to compete favorably
Cardano believes that smart contracts are the key ingredients in the evolution of the platform. The new update, when released, will allow the platform to compete favorably with other DeFi ecosystems. It will offer new capacity with Ethereum (ETH / USD), which remains the leader in the DeFi space.
Cardano’s native blockchain token, ADA, is currently the world’s fifth-largest crypto asset, with a market capitalization of $ 50 billion. The cryptocurrency has enjoyed a sustained level of growth this year, despite the current market crash. ADA started the year at $ 0.18 per token, but at the time of this writing it is trading at $ 1.56.
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