On paper, blockchain projects can be the ultimate killers, except they are unproven until they meet the harsh market demands. Cardano\u2019s analytical and research-driven development created an industry hysteria of presumption. Reflecting on the question \u201cwhat if?\u201d Cardano crafted a confident project reflection which, according to the latest IOHK update, will be fulfilled starting September 12th.<\/p>\n

Smart Contract Unleashed<\/p>\n

The Cardano team is ending the mysticism behind the 4th cryptocurrency by market capitalization after announcing the inclusion of smart contracts in the Alonzo hard fork. When successfully released, the Cardano blockchain will unlock new features already existent on Ethereum, such as DeFi or NFTs. IOHK addressed the upgrade, tweeting that Alonzo will be completed through a hard fork combinator (HFC) event.<\/p>\n

Alonzo\u2019s implementation has followed a testing process, including color-coded stages such as Alonzo White, Blue, and Purple. Each color was designated to support more testnet users, Alonzo White being the first smart contract testnet with only 500 people accessing the functionality. Purple is the first publicly available testnet allowing users smart contract interactions and code testing, including stake.<\/p>\n

In a Twitter video, Charles Hoskinson addresses the blockchain\u2019s progression, noting Alonzo Purple was \u201ca lot smoother than Byron and Shelley,\u201d saying the process has been redefined to faster ecosystem implementation. However, Cardano\u2019s announcement generated market turmoil with the price of ADA nearing its previous all-time high, registering a price of $2.25 according to CoinMarketCap. Moreover, ADA, the native token of Cardano, briefly flipped the Top 3 coins by market capitalization ranking 3rd before retracing to the 4th spot.<\/p>\n

Can Cardano Finally Challenge Ethereum\u2019s Hegemony?<\/p>\n

New projects have failed to challenge Ethereum\u2019s market domination. Blockchain communities are built around technology and the number of believers helps increase the value by constantly reaffirming its status. The meticulous development of Cardano helped build a thriving and strong community. Yet, the cult-like behavior propagated in the community is damaging for the universal growth of the network as it is financially derived.<\/p>\n

While Cardano did not match Ethereum\u2019s functionalities on one to one range, it did launch blockchain initiatives to prove the resilience of its network. Cardano\u2019s African quest aims to build a technological foundation by developing digital identities that can be \u201clinked to payment systems,\u201d incentivizing Cardano adoption and creating a new 5 trillion dollar economy.<\/p>\n

In a Bloomberg interview, Charles Hoskinson addressed industry concerns that Cardano has been developing the blockchain for several years without notable results; however, Cardano\u2019s peer-reviewed approach strives for the larger goal of implementing blockchain on a country level. <\/p>\n

On The Flipside<\/p>\n

\n
• Users are betting on the successful implementation of Cardano smart contracts by October 1st.<\/li>\n
• Blockchain is a fast-developing space, and smart contract implementation could be too late for Cardano to make the desired impact.<\/li>\n
• Users are backing Cardano because they invested when the price was below 3 cents.<\/li>\n<\/ul>\n

  Yet, Cardano is getting closer to emulating Ethereum as it will have the same functionalities but with lower fees and faster transaction times. Ecosystems such as Polygon, Binance Smart Chain, , or TRON have all tried to lead the blockchain space by addressing existing shortfalls in Ethereum such as TPS or scalability. Yet, Ethereum is still preferred by developers and users despite its high network fees.<\/p>\n

  Cardano must exceed all industry expectations if it aspires to engage in the \u2018flipping\u2019 discussion. While the \u2018flippening\u2019 cannot occur in an instant, Cardano needs to lead trend discussion and developer preference in the new blockchain epoch. <\/p>\n

  Why You Should Care?<\/p>\n

  Cardano is the fourth-largest cryptocurrency by market capitalization at the time of press, yet it does not have any functional use cases to fully justify its presence. <\/p>\n

  EMAIL NEWSLETTER<\/p>\n

  Join to get the flipside of crypto<\/p>\n

  Upgrade your inbox and get our DailyCoin editors\u2019 picks 1x a week delivered straight to your inbox.<\/p>\n

  [contact-form-7]
  \nYou can always unsubscribe with just 1 click.<\/p>\n

  Continue reading on DailyCoin<\/a><\/p>\n<\/div>\n