Cardano, the market’s fifth-largest cryptocurrency, has recently become one of the most talked-about cryptocurrencies. It successfully launched the first testnet of its Alonzo deployment not long ago. Since then, there has been a lot of buzz about its future improvements.
Cardano is back in the headlines today, thanks to a meeting between IOHK’s Marketing Director Tim Harrison, Head of Delivery Nigel Hemsley, and Delivery Lead Dimitris Poulopoulos, in which they discussed the ecosystem’s most recent upgrades.
"The first simple Plutus smart contract has this week been successfully run on the AlonzoBlue Cardano testnet" – learn more in June's mid-month development update https://t.co/3WEQi9hqCX
— IOHK Media (@IOHKMedia) June 11, 2021
To clarify, the smart contract in question is built in Plutus, a Cardano-specific programming language. It included a command-line interface (CLI) for developing “Hello World”-style smart contracts as part of the Alonzo Blue phase, the initial phase. Only a small number of staking pool providers and early Cardano (ADA) enthusiasts (‘pioneers’) are involved in the early stages of Alonzo.
To enable such trials, the project has worked on use cases with several external teams, including Altlabs, Eleks, Mlabs, Obsidian, and other partners. Decentralized data oracles, decentralized digital assets exchanges (DEXs), liquidity and staking pools, lending/borrowing tools, crypto-backed stablecoins, and NFTs are among the decentralized finance divisions.
Next couple of weeks…
The following phase, Alonzo White, will begin after this small group of partners and pioneers has become compatible with these fundamental scripts. However, according to Nigel Hemsley, for it to happen,
“…they have to successfully prove they can submit, validate, and execute on-chain.”
After all, it’s not so simple.
However, if that component is successful, Alonzo White hopes to bring on 500 community members, pioneers, and stakepool operators (SPO) in July.
Finally, Alonzo purple, the testnet will go completely public with all Pioneers onboarded with the partners’ dApps in the final phase.
The smart contracts are expected to be fully integrated by September, according to the Alonzo rollout plan.
Expectations are certain to grow as a result of such occurrences, as will the altcoin’s price. ADA was trading at the $1.39 price level at the time of writing, having had an 8% price fall in the previous 24 hours.