Cardano’s Alonzo upgrade has seen more than 100 ‘smart contracts’ processed in the first 24 hours.
The third largest blockchain platform in the world, Cardano’s successful update gives it smart contract functionality, providing developers with the ability to create apps that can utilise the advanced capabilities of its blockchain.
The Alonzo upgrade marks the first stage in creator Charles Hoskinson’s plans to advance a fairer global financial system at a reduced monetary and environmental cost. Within 24 hours, the platform has already seen more than 100 smart contracts run on the network, with its first decentralised application also already deployed.
Blockchain is set to play a pivotal role in the future of applications. In fact 61% of software developers say blockchain is a ‘game changer’. By building decentralised apps – or ‘dApps’ – on the blockchain, developers minimise the security compromises of traditional apps, which live on a central server, instead utilising the security of a global network of thousands of computers.
However, creating apps on the blockchain has, until now, been inaccessible for many developers, who are faced with high and unpredictable costs, as well as energy inefficiencies.
As a result, implementing blockchain for smaller enterprises has often not been a truly viable option without having to compromise on sustainability goals or business costs.Energy efficient
Cardano claims to solve many of these issues. Its blockchain uses an innovative mechanism for verifying transactions, meaning the whole network is significantly more energy efficient than Bitcoin. Its ability to accurately predict transaction costs also provides price stability, allowing developers to build applications without risking lost transactions or unexpectedly high costs.
This year has been pivotal for IOHK, the engineering company behind Cardano. In April, it announced the world’s largest blockchain d...