The price of Cardano (ADA) has risen more than 50 percent in the last 10 days and ranks third among the world’s leading cryptocurrencies with a market capitalization of $ 80 billion (Rs. 5.94.400 crores) ahead of the popular Binance Coin. It hit its lifetime high of $ 2.58 (191.70 rupees) during the wild ride, but profits had diminished somewhat by Saturday morning. The rally is attributed to an upcoming “Alonzo” upgrade that will allow smart contract functions and a range of decentralized financial (DeFi) applications to run on the Cardano network. The proposed technological improvement is likely to land as early as next month.
Co-founded by Charles Hoskinson, a mathematician and former CEO of Ethereum, the Cardano network is touted as a serious rival to the Ethereum blockchain, which is currently dominating the DeFi services market. The ADA coin rose from $ 1.70 (Rs 126) on Aug 10 to $ 2.58 on Aug 20, according to CoinMarketCap. At the time of this writing, Cardano (ADA) was priced at around Rs. 190 in India.
The lack of smart contract features has been widely seen as Cardano’s biggest drawback, and their availability is Ethereum’s greatest strength. These contracts are a way of ensuring that agreements can be securely validated.
Earlier this month, the development team behind the Alonzo upgrade announced the launch of the public test network and said it was an “exciting and important next step” in Cardano’s journey.
This is an exciting and important next step on the #Alonzo journey. Indeed the #Cardano trip. With the support of our OG community testers in the Blue & White phases, #AlonzoPurple will be the first fully public Cardano test network to support #Smartcontracts ????
– Input output (@InputOutputHK) August 6, 2021
Despite the rally and even before that about the possibility of the upcoming upgrade, some people were skeptical of the success of the Cardano coin. This had prompted Hoskinson to respond to the naysayers in a tweet earlier this month, promising to set up a fund to pay for the critics’ therapy.
For me, the skepticism about our upcoming smart contract start is extraordinary. It’s not that PCs are going to be overwhelming, it’s just not going to happen. The critics say it with biblical certainty. We should put up a fund to pay for her therapy
– Charles Hoskinson (@IOHK_Charles) August 4, 2021
Meanwhile, recent rallies in Bitcoin, Ether, Cardano (ADA) and others have helped the cryptocurrency market for the first time since May when a market crash had steered volatile trading.
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