Altcoins News
By Sydney TheCMO
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The Alonzo update is a critical step for the Cardano network
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Cardano is one of the projects that have seen immense growth in the past few months and the same can be said for its native cryptocurrency ADA.
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The Cardano blockchain operates on a proof of stake mechanism which means it is a more environmentally-friendly cryptocurrency.
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Cardano plans to roll out its Alonzo update on its mainnet by August through a hard fork. The update is an important step for the company because it will enable smart contracts…
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Meanwhile, Cardano attributes its growth to a carefully laid out roadmap, peer-reviewed developments, and partnerships with governments in developing countries.
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Once smart contract functionality is introduced, the Cardano blockchain will become more attractive for smart contract developers.
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The ability to run smart contracts and dapps on the Cardano blockchain will be a huge catalyst for ADA because more utility means more value on such a network.
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ADA has been on a strong growth trajectory in 2021 with its price trading as low as $0.17 on January 1. It peaked at $2.
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There are a few more things to note about the upcoming Alonzo update’s impact on the network.
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Although there are expectations for ADA to grow exponentially once the Alonzo update goes live, the expected growth might be limited by the large amount of ADA in circulating…
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Cardano’s growth potential might also be curtailed by the finalization of Ethereum 2.0. However, it could still benefit from significant adoption thanks to lower transaction…
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