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Cardano Update: Here Are The Important Updates And Their Functions

The Cardano digital currency may not get as much popularity as Bitcoin or Ethereum, but among investors, it is still an important token. This crypto recently became the third most valuable cryptocurrency in the world with an upcoming Cardano update known as the Alonzo Hard Fork. Let us have a look at some of the Cardano news and some Cardano announcements today. 

Cardano, which is a public blockchain platform, is based on the system of Proof-of-stake. This is the place where the miners will have to give up the crypto that is already owned by them as a “stake” to validate a transaction. The more tokens they have, the more chances there are for them to win the mine. 

The Cardano Update: All You Need To Know

Cardano hard fork update brings the system much closer to its complete capabilities. It is an important upgrade on the Cardano network that looks forwards to the much awaited implementation of the smart contract. These Cardano update smart contracts are pieces of computer code that are automatically implemented when few predefined scenarios are met. After this new update, the users can create and also deploy their own smart contracts on the Cardano blockchain, creating the way for native dapps (decentralized applications). 

The Cardano update date is set in the third quarter of this year, which implies the end of Cardano’s “Shelley Era” and the starting of the Cardano Goguen phase. Even though the date to end the Cardano Alonzo hard Fork has not been set yet, developers of the network are working day and night on the testnets and have stopped to a highlighted road map with some predefined milestones in the form of “eras”. The Cardano Hard Fork date was July 29, 2020, when Shelley introduced two important hard forks: Allegra and Mary, and it is time for Alonzo. 

The Era Of Cardano (ADA)

The road map for the development of Cardano is divided into 6 major stages that are termed as “era”. Let us see those “eras” in detail. 

  • Byron: This creates the foundation code for Cardano and enables users to exchange Cardano cryptos (ADA) which have been named after revolutionary programmer Ada Lovelace and can kine this token with their PoS consensus algorithm. 
  • Shelley: This stage focuses on decentralizing the network by creating incentives for users so that they can host their own nodes. The main aim of this stage is to ensure that the individual computers or the nodes are operated by a diverse group of participants of the network rather than a small centralized user base. 
  • Goguen: This era introduces the concept of smart contracts capabilities to the network enabling developers for the creation of dapp (decentralized applications) on the top of Cardano. 
  • Basho: This era is responsible for improving the underlying performance of the Cardano so that it can process more transactions and even scale them up. This stage also introduces side chains which is a way of network scales with the use of multiple blockchains. 
  • Voltaire: This feature adds a treasury and voting system for self reliant governance. Here users will be allowed to stake their funds to influence the developments on the network in the future. 

Why Are Cardano’s Prices Increasing?

The increase in the value of Cardano is because of the upcoming updates on the network. The price of Cardano increased more than double in the last month. According to Cardano price prediction, the price of Cardano will hit $5 by the end of this year and then $10 by the end of 2024. Cardano will increase to $20 within 2032.

In the Cardano’s Shelley Era, the Alonzo Hard Fork is the third big update. The token consists of 5 main stages of development which is often termed as “Era” all of which improves the operations of the network completely. This is the last update in the Shelley Era that again has three stages namely Alonzo Blue, Alonzo White, and Alonzo Purple after which the update will be passed forward to Goguen. The Cardano Goguen release date is still not known. 

This digital currency token is also going to get listed on the Japanese Crypto exchange which is known to consist of some of the most stringent listing needs across the globe. As per a report,

“In addition to general bullish sentiment in the cryptocurrency space, Cardano is also enjoying positive momentum ahead of Ada’s listing on Japanese cryptocurrency exchanges, which is set to take place Aug. 25. Ada also appears to be generating excitement ahead of a pending update that will roll out in September and pave the way for smart contracts on the Cardano blockchain.” 

Conclusion

Provided the above features, the usability of Cardano is going to enhance to a great extent which implies that the blockchain that is employed in the process might find uses in more industrial sectors that it is presently working in. This is what is helping the rise in the price of Cardano. Since the announcement regarding the Cardano update was made the price of Cardano has increased by 65% from the starting of August 2021.

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