Input Output Hong Kong (IOHK), the company behind Cardano (ADA), says it has successfully added smart contract capabilities to its blockchain testnet.
Smart contracts are programs that execute when predetermined conditions are met. The technology hopes to remove middlemen from countless institutions.
The next step is a full smart contract roll-out on the mainnet, which is scheduled September 12th, according to IOHK.
“Yesterday, we upgraded the Cardano testnet, successfully deploying Plutus smart contracts capability. The focus now is on final component testing and exchange integrations, ahead of the Alonzo mainnet upgrade, still on track for deployment on 12 September.”
The upgrade will give Cardano new functionalities, including the ability to support decentralized finance (DeFi) and decentralized exchanges (DEX).
Institutional investors are showing increased interest in Cardano ahead of the major upgrade. This week, ADA saw its largest weekly inflows yet, amounting to $10.1 million.
The Cardano Foundation is also preparing for the transition to the Alonzo era. The Switzerland-based organization just launched a bug bounty program that will reward hackers who can find weaknesses in the smart contracts platform of Cardano’s blockchain.