The development team behind the Cardano blockchain is unveiling new details surrounding its smart contract release.
In the wake of its Mary protocol release this March, Charles Hoskinson’s Cardano is revealing that its Alonzo upgrade will launch this coming August.
IOHK (Input Output Hong Kong), Cardano’s development company, announced this week that the Alonzo upgrade will add support for smart contracts to the Cardano blockchain. The update will allow developers to start building on the Cardano platform – a highly anticipated functionality that the Ethereum network currently possesses.
IOHK notes that the upgrade aims to support businesses and provide support for developers wishing to build decentralized finance (DeFi) dApps.
“Smart contracts mark the next phase in Cardano’s evolution as a worldwide distributed ledger. When supporting everyday business, a blockchain must guarantee that individuals can move their funds and pay for products in a secure way.”
Smart contracts help ensure that a transaction or a purchase is only made when certain conditions are met, allowing for reliable and discreet settlements.
In May and June, IOHK anticipates allowing users to test the new product, which will also allow crypto exchanges and wallets “time to upgrade and prepare for the Alonzo protocol update.”
This year, Cardano’s native token, ADA, has skyrocketed in value by roughly 722% from $0.18 in January to an all-time high of $1.48. The asset is currently trading around $1.19 and holds a market cap of nearly $40 billion.