At 21:44:51 UTC tonight, Cardano will usher in smart contracts by implementing the Alonzo hard fork. But due to problems with its design, several decentralized applications have delayed their launch, and Alonzo may only go live with a “few toy smart contracts” developed by Cardano’s creator.
Smart contracts, self-executing pieces of computer code, lay the groundwork for decentralized applications such as decentralized exchanges and non-custodial lending apps. Alonzo brings Cardano head-to-head with other smart contract-enabled blockchains, namely Ethereum, which introduced them in 2015.So join us ahead of the epoch boundary c. UTC 21:30 via a YouTube livestream. Subscribe today and hit the bell to get alerted when we go on air!🔔2/2 https://t.co/6CcCWRjSFv — Input Output (@InputOutputHK) September 10, 2021
The anticipation for Alonzo sent the price of Cardano (ADA) rocketing earlier this month; Cardano hit an all-time high of $3.09 when Cardano’s developer, IOHK, launched Alonzo's testnet on September 2. But the price later fell to $2.60 amid criticisms that the upgrade had difficulties processing concurrent transactions.
The first Cardano dApp, a multipool exchange named Minswap, shut down shortly after it launched because it struggled to process multiple transactions at once—“the very thing you need for DeFi,” according to Ethereum investor Anthony Sassano.Seriously 6 years of "peer-reviewed" research and a $90bil+ market cap later and the first dapp on Cardano can't even do concurrent transaction processing (aka the very thing you need for DeFi).https://t.co/mcmTjQEKbb — Anthony Wassano 🦇🔊 (@sassal0x) September 4, 2021
IOHK tweeted that these criticisms are “speculati...