Cardano rises to all-time high amidst anticipation for upcoming hard fork

The Alonzo upgrade is slated for September 12 2021, and promises smart contract functionality on the mainnet

Cardano’s ADA has been witnessing an interesting upswing since its inception. By early August 2021, Cardano jumped up to the position of #3 crypto by market capitalization. Since then, the price of Cardano (ADA), the native token of the Cardano blockchain has hit an all-time high of $3.31 CAD at the time of writing (August 20, 2021). Trading volumes are said to have been impacted in anticipation of an upcoming software upgrade scheduled for September 12, 2021, that could help the token compete with Ethereum.

This hard fork, called Alonzo, will introduce smart contract functionality on the mainnet in mid-September. Smart contracts are simply programs stored on a blockchain that run when predetermined “if/when” conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. This smart contract functionality is set to address one of Cardano’s biggest challenges, allowing it to incorporate more applications, including decentralized finance (DeFi) platforms that allow for automated cryptocurrency lending and trading.

So what does this mean for Cardano? While crypto enthusiasts worldwide are comparing Cardano’s move with Ethereum’s recent hard fork, Cardano’s Alonzo hard fork and smart rollout of smart contracts on the mainnet take it a step further. Cardano is slated to be a ‘green blockchain’, owing to its readiness to replace energy-intensive cryptocurrencies. While rival Ethereum is months away from a shift in consensus mechanism and mining, Cardano and other proof-of-stake protocols are claiming that they have already arrived at the solution. 

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