NewsCardano's New Alonzo Upgrade Already Showing Positive Signs

Cardano’s New Alonzo Upgrade Already Showing Positive Signs

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The highly anticipated Alonzo upgrade on Cardano has started showing some remarkable results. The team reported that Alonzo has processed more than 100 smart contracts over the last 24 hours Cardano’s founder shared in a tweet. The new Alonzo upgrade has been the talk of the town for days and it was centered around the programmability that it will bring to the blockchain.

The network now offers the ability to run smart contracts following the upgrade during the weekend. In a tweet on Sunday the networks developers, Input-Output HK confirmed that the planned Alonzo upgrade had been successfully added to the Cardano network.

This upgrade will allow the implementation of smart contracts on the blockchain, enabling a new sweep of decentralized finance applications and programmability. Cardano will now be able to compete with the likes of Ethereum, a much larger network, earning itself the nickname of potential Ethereum killer.

The Alonzo upgrade, named after American mathematician Alonzo Church who is considered one of the founders of computer science will allow the network to be used for decentralized exchanges, house non-fungible tokens (NFTs), and run oracle programs that draw in external data to trigger smart contracts.

“They will now get to build it with cost predictability and formal methods and all kinds of other things that we think in the long term will build much more sustainable secure and ultimately useful applications for users,” Hoskinson said.

Cardano (ADA) recently became the third-largest by market value, at $75 billion in size, although it is still dwarfed by Bitcoin (BTC), the most widely traded digital coin, which has a market cap of $836 billion  

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