Fun

Countdown to Cardano’s Hard Fork: Goguen Phase Smart Contracts ‘Represent a Big Step Forward’

News Feed - 2021-09-11 12:09:32

Countdown to Cardano"s Hard Fork: Goguen Phase Smart Contracts "Represent a Big Step Forward"


The digital currency network Cardano is two days away from the upcoming hard fork on September 12 and the community is expecting to see functional smart contracts. These can be used for decentralized finance (defi), non-fungible tokens (NFTs), and other types of decentralized applications (dapps). Cardano has managed to capture the third-largest crypto market capitalization among 10,000+ crypto assets but over the last seven days, cardano has lost more than 16% in value. Cardano Expects to Upgrade in 2 Days


With more than $400 billion under the hood, the ethereum (ETH) market is by far the largest smart contract platform today in terms of fiat valuation. Ethereum has held this position for a few years now, but a number of other smart contract crypto asset networks have been moving toward ETH’s position. Besides ETH, today’s top smart contract markets by market valuation include cardano (ADA), solana (SOL), polkadot (DOT), terra (LUNA), avalanche (AVAX), and more.


Ethereum’s fees and its difficulty scaling have led to funds moving to other smart contract competitors with lower fees and faster transaction times. Cardano has promised to be an Ethereum competitor and the next upgrade is expected to give developers functional smart contract capabilities. The upgrade on September 12 is called “Alonzo” and smart contract capabilities were there for previous Alonzo phases, but only for technical participants. Goguen Phase Will See the ‘Integration of Smart Contracts,’ Goguen Adds the ‘Ability to Build Decentralized Applications’


If all goes well then the community hopes the network can be expanded to leverage defi, NFTs, tokenization, and other types of dapps. Alonzo is part of Cardano’s roadmap which involves five different eras including Byron, Shelley, Goguen, Basho, and Voltaire.



At the moment, the Cardano network is in the Goguen era. The developers have been working on Goguen in parallel with Shelley and after Goguen completes, both technical-savvy and non-technical individuals will be able to produce Cardano smart contracts.


“With the integration of smart contracts, the Goguen era represents a big step forwards in capability for the Cardano network,” the Cardano team details on its website. “Where the Shelley era decentralizes the core of the system, Goguen adds the ability to build decentralized applications (dapps) on Cardano’s solid foundation of peer-reviewed research and high-assurance development.”


This week Outlier Ventures published a report on blockchain development in the second half of 2020 and the first half of 2021, and the Cardano project is one of the top projects in terms of development. In terms of active developers, Ethereum has 168 while Cardano has 165, according to Outlier’s report posted by Robin Andre Nordnes. While cardano (ADA) has lost more than 16% during the last seven days, year-to-date statistics show ADA has risen more than 2,555%.


What do you think about the upcoming Cardano network upgrade? Let us know what you think about this subject in the comments section below. Vitalik Buterin Has Suggestions for Dogecoin and Doge"s Cooperation With Ethereum ALTCOINS | 6 days ago More Zimbabwean Artists Pivot to NFTs as Bubble Concerns Grow ALTCOINS | Sep 2, 2021 Tags in this story 165 Devs, ada, Avalanche (AVAX), Basho, Byron, Cardano, cardano (ADA), Cardano Development, Cardano Hard Fork, cardano project, Cardano Upgrade, dApps, DeFi, Ethereum (ETH), Goguen, Goguen era, market stats, NFTs, Outlier Ventures, polkadot (DOT), Robin Andre Nordnes, Shelley, Smart Contracts, smart contracts chain, Solana (SOL), Stats, terra (LUNA), Tokens, Voltaire


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Israeli Startup Chain Reaction Raises $70 Million to Build Blockchain Silicon
Israeli Startup Chain Reaction Raises $70 Million to Build Blockchain Silicon Chain Reaction, a Tel Aviv-based blockchain startup, announced it has raised $70 million as part of it
Morgan Stanley’s Executive Likens Bitcoin’s Resilience to Kenny Who Dies in Every South Park Episode
Morgan Stanley"s Executive Likens Bitcoin"s Resilience to Kenny Who Dies in Every South Park Episode Morgan Stanley Investment Management’s Dennis Lynch, says that bitcoin&#
Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling
Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling Shiba inu was one of Friday’s biggest gainers, as the meme coin remained close to a recent thr
Paraguay’s proposed Bitcoin mining ban could cost it $200M a year
Brayden Lindrea4 hours agoParaguay’s proposed Bitcoin mining ban could cost it $200M a yearBitcoin mining has provided a “positive contribution to Paraguay’s trade balance,” and a ban could dent the economy, argu
Bitcoin $178K Target In Sight? Analyst Highlights Bollinger Band Retest Mirroring Jan. 2024 Rally
Este artículo también está disponible en español. Bitcoin has been on a correction pathsince it reached a new all-time high of $108,135 on December 17. Notably, this corr
While Bitcoin Tapped New Price Highs, 78,000 Short Positions Worth Over $800 Million Got Liquidated
While Bitcoin Tapped New Price Highs, 78,000 Short Positions Worth Over $800 Million Got Liquidated While bitcoin has crossed a new all-time price high in 2021,
Vitalik Buterin warns of politicians claiming to be ‘pro-crypto’
Turner Wright5 hours agoVitalik Buterin warns of politicians claiming to be ‘pro-crypto’The Ethereum co-founder said he had observed the Russian government espousing crypto while acting as an authoritarian regime.760
How low can the Bitcoin price go?
Biraajmaan Tamuly3 hours agoHow low can the Bitcoin price go?Bitcoin’s latest rejection at $70,000 has presented some support levels below where a BTC price downtrend might stop.1641 Total viewsListen to article 0:00Ma
Chinese Central Bank Official Calls for Commercial Bank Blockchain Adoption
The head of the technology department at the People’s Bank of China (PBoC) has called for commercial banks to adopt blockchain technology in digital finance. As reported by Reute
Ana Paula Pereira4 hours agoCircle, Tether freezes over $65M in assets transferred from MultichainMultichain has suspended its operations after an unexplained transfer of crypto assets worth millions of dollars took plac
Worldcoin will increase WLD supply by up to 19% in the next 6 months
Tom Mitchelhill6 hours agoWorldcoin will increase WLD supply by up to 19% in the next 6 monthsWorldcoin will be selling up to 1.5 million WLD tokens to select trading firms outside of the United States every week for the
HSBC, SGX to Investigate if DLT Offers Efficiency Boost for Bond Markets
Can digitalizing bonds with distributed ledger technology (DLT) bring benefits to market participants? That’s a question being asked by HSBC Singapore in a new trial being de