CARDANO SMART CONTRACT KICKS OFF WITH ALONZO
The Cardano community has been a very strong one, and till presently, it continues to stay on top. Cardano is amongst the top 10 cryptocurrencies even though its price is below $5. Most newbies just coming into the crypto community values a coin based on its price. Although they are not entirely wrong, the price of a commodity reports how valuable that commodity is to its consumers. However, cryptocurrency, in this case, Cardano, is not a mere commodity. It’s a means to an end that could elevate any man from poverty to a very high position.
Since its deployment, Cardano has enjoyed what several cryptocurrencies lack, even bitcoin. Being a third-generation cryptocurrency, Cardano has huge advantages over other cryptos like Ethereum. Recall that the founder of Cardano, Charles Hoskinson was also a very important asset in the building of the Ethereum network; he understood the Ethereum network as well as its shortcomings hence, the birth of Cardano. One of the ways in which the Cardano network differs from Ethereum is that it can comfortably run smart contract applications better than the Ethereum network. Hence, the big question is, “What is the Cardano smart contract?”
Alonzo now has the capacity to run smart contracts.
According to a recent update shared on YouTube, Cardano’s Alonzo can now run smart contracts efficiently. Before now, the Cardano roadmap reads the adoption of Cardano on smart contracts, and now, everything seems to be working fine. The alliance between Cardano and Alonzo will see the Alonzo platform deploys their smart contract using the Cardano network. As mentioned earlier, the Cardano network differs from the Ethereum network in certain ways, and they include the following
It’s more advanced:
One of the most interesting and fun fact about Cardano is that it shares some history with Ethereum. Charles, the founder of Cardano, was one of the core founders of Ethereum hence, he knew almost all the loopholes in the Ethereum network and used it as an upgrade in the Cardano network. One of these shortcomings is making Cardano safer and more adaptive to smart contracts. Cardano is a third-generation crypto, while Ethereum is second-generation, making Cardano an edge more sophisticated than Ethereum.
Cardano network is faster and more suitable:
When we discuss smart contracts, Cardano is the most suitable to run the applications because that is the main reason the network was built; to help run decentralized applications. Ethereum, on the other hand, has a different goal, which is to become an open-source for global economic applications and customer assets. So, Alonzo coming up on the Cardano network seems like the biggest news to boost the price of the Cardano native token ADA to the next level.
The Cardano network design:
The Cardano network runs on s secure chain known as the Ouroborus, which helps validate every transaction on the Cardano network. This Proof of Stake also allows investors and users to mint and earn ADA on the Cardano network. This network is designed such that it’s faster and transactions can be confirmed in less than 50secs and at a much lower cost. This concept is also now adopted on the Ethereum blockchain, which appears to be using decentralized applications (dApps) to run smart contracts on the network. Before now, Ethereum uses the proof of work consensus similar to bitcoin, but after the upgrade to eth 2.0, it has migrated to PoS as well.
The Cardano monetary policies:
As an investor in the Cardano project, you need not worry about if the project will turn out fine in the long run because the ADA token has just begun exploring its monetary policies according to its roadmap. Presently, ADA is trading below $2, making it questionable. Nonetheless, the market cap and the circulating supply are other consolations that ADA will be doing well in a few years down the line. All the network needs are the relevant news to put it in the bigger picture constantly.
With the news of Alonzo coming up on the Cardano network, it’s the exact publicity the Cardano network needs to focus the attention of both the new investors and private organizations on the growth of the network. The success of the smart contract on the Cardano network will also help ascertain the importance of investing in Cardano. Not because the price is pocket-friendly, but because of its level of sophistication. There’s a reason why the Cardano network is regarded as the third generation; asides from being an eco-friendly coin, Cardano should be making you and other investors proud in the few years to come.