Cardano has been teasing the introduction of smart contracts for a while now but over the last 24 hours, the native coin has appreciated by 12 percent. The price of Digital currency has risen above $1.64 and this is the first time it is reaching that price point since June. Cardano is one of the major coins competing with Ethereum.
Cardano Founder Charles Hoskinson revealed that the date on which smart contracts will be released on the Cardano mainnet. “we will be able to announce when the Alonzo hard fork is going to happen, and at that point, you will be able to run smart contracts on Cardano” he told viewers on Periscope. Hoskinson said the hard fork would occur before the Cardano Summit, currently scheduled for next month.
Cardano went live in 2017 and it has gradually added features since then. Like Ethereum, Cardano also allows for non-fungible tokens (NFTs), which are blockchain-based tokens that signify a deed of ownership of a digital asset. The cryptocurrency is currently among the top 10 digital assets in the world.
The Alonzo hard fork would be one of the most consequential upgrades for the proof of stake network because it will facilitate decentralized finance (Defi). These are protocols that allow people to lend, borrow, and trade without any intermediaries. Defi relies on smart contracts instead of loan officers and underwriters.
Cardano (ADA) has had the largest movement of any asset in the last 24 hours, most coins have had a decent, unspectacular day. Ethereum appreciated slightly, Binance Coin Increased by 4 percent and Bitcoin dropped by 1 percent.