Categories: Crypto News
| Published On Apr 9, 2021 6:57 am CEST  |  Updated on Aug 10, 2023 8:42 am CEST | By Peter Siu

Cardano’s Alonzo upgrade is expected to be live by end of summer

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In a blog post that was announced on their Twitter page on Thursday, The Input Output HK (IOHK) team outlined the impact of the latest Cardano hard fork implementation, Alonzo, will have for an advanced network for businesses and developers alongside a new added support for smart contracts.

Michael Peyton Jones, the software engineering head at IOHK, explained that the hard fork has been named after Alonzo Church (1903-1995), a US-based mathematician and logician who studied the foundations of theoretical computer science.

In the post titled “smart contracts – here we come”, Jones wrote that the Cardano network will utilize the hard fork “combinator technology,” to implement Alonzo in its network. Jones added that they expect the network upgrade to bring support for for “smart contracts and digital agreements to Cardano” within four months.

“Smart contracts mark the next phase in Cardano’s evolution as a worldwide distributed ledger. When supporting everyday business, a blockchain must guarantee that individuals can move their funds and pay for products in a secure way,” Jones wrote and added:

“It will open up opportunities for businesses and developers, by allowing the creation of smart contracts and decentralized applications (DApps) for decentralized finance (DeFi).”

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Following their March “Mary” upgrade, Cardano already moved closer to Ethereum by introducing the ability for users to create custom tokens. This turned Cardano into a multi-asset network that has the ability to support many sorts of cryptocurrencies.

The Alonzo upgrade will also allow developers to work with “collectibles, crowdfunding, or auctions” considering the strong business case for these.

IOHK Chief Executive Officer Charles Hoskinson had previously said that with their upgrades, (NFT) projects that would typically be running on the Ethereum network will start to move to Cardano once the upgrades are up and running and hence they aregearing up for competition.

However, alongside the introduction of these custom tokens and other features, the Cardano ecosystem aims to primarily establish a strong foundation for smart contract support.

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A final date of the Alonzo upgrade implementation was not given, however according to the blogpost they are looking at the end of the summer:

“May and June will be a time for quality assurance and testing with users, which will be followed by a feature freeze lasting for four weeks. This will provide crypto exchanges and wallets with the time to upgrade and prepare for the Alonzo protocol update. We expect the Alonzo upgrade (hard fork) to happen in late summer, and we will announce a firm date in April’s Cardano360 show.”

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.

Tags: Cardano