TL;DR Breakdown
• The Cardano founder indicates that the update is scheduled for September.
• The ADA network will show an updated plan for the adoption of smart contracts.
The Cardano cryptocurrency is undergoing several updates, and attempts have been made to associate it with several decentralized projects since the beginning of 2021. One plan to include the token is called “Alonzo HardFork,” which promotes smart contracts. The crypto is trying to create its network, similar to ETH.
The token renewals began in May, and since then, its work team has not stopped. The token’s creator indicates that the update will be completed soon for interested users to take advantage of it. This update has been awaited by many users who have long supported Cardano and its entire network.
Cardano promises a new update
Charles Hoskinson, Cardano founder, reveals that the update is underway and will be launched in the next few weeks. Hoskinson clarified all the doubts about the crypto in a Live session he did on YouTube, where he had a good reception from customers. The CEO even revealed that the update was divided into two fractions due to its complexity.
Per Hoskinson’s indications, the first update point in Cardano includes the fork’s combinator event that will improve the network’s potential. The second point in the update will include a scheme to run the programs inside or outside the Blockchain network. The second part of the update focuses on the creation of decentralized Apps that ADA will support.
Hard Fork, as Hoskinson named it, will be released in September. However, Hoskinson believes that all parameters in the update will be complete by August. When the update goes live, the Cardano network will offer smart contracts to users.
Hoskinson indicates this update will make way for crypto apps that belong to the token, such as Marlowe. Besides that, he guarantees that the rate to adopt the apps will be low and supported by the Blockchain network.
Network staking increases amid new ADA update
In July, over 50,000 participating addresses committed to the ADA network were placed in line to become operational in September. Among the reports, Cardano has marked the achievement of 660,000 staking addresses. This amount staked exceeds $29 billion representing 70 percent of the total token storage.
Recently, ADA partnered with several projects that include a student identification and qualification service. The token has gained participation among users, and with the update, its value may take off. For now, the token is trading at $1.36 with an increase of 3.72 percent in the last 24 hours, according to CoinMarketCap.
ADA is ranked number five for popularity and value in the market within the CoinMarketCap platform. The Grayscale website listed ADA among its favorites for decentralized investing.
ADA may become real competition for Ethereum due to its adoption of smart contracts.
