Cardano ($ADA) wallet Yoroi is launching a decentralized application connector that will make it easier for users to interact with smart contracts and these applications once they go live on the Cardano network.
According to a blog post published by EMURGO, one of the founding entities of Cardano and the developer of the wallet, Cardano’s full potential “is now coming into realization as the current Alonzo upgrades signify the integration of smart contracts in the near future.”
Alonzo refers to a hard fork that is part of the network’s “Goguen” era, named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era comes after the Shelley phase, in which Cardano became a decentralized blockchain and community members became validators.
Alonzo will roll out in three phases: blue, white, and purple. Each opens up more to the public until the upgrade’s full integration is complete, with the process taking 90 days. It’s expected to be completed by the end of August. It will include a converter to allow ERC20 tokens from the Ethereum blockchain to run on Cardano.
As EMURGO details, smart contracts will allow decentralized finance projects to launch on Cardano. The network will also be able to have non-fungible tokens, decentralized identities, and other decentralized applications built on top of it.
The connector on the Yoroi wallet, which supports Cardano’s ADA and ERGO’s ERG, will allow users to interact with decentralized applications with ease.
Through the wallet, users can also stake their Ada tokens to earn rewards, or vote for Project Catalyst. Earlier this month, over 70% of the supply of ADA was staked ahead of the network’s upcoming major upgrade.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image via Unsplash