The developers of Cardano have said that the Alonzo update is set to launch next month. With the news of the update coming out, Cardano’s price jumped above $ 2 for the first time in three months.
to the Report The price of the digital currency has exceeded $ 2 for the first time in the last three months after Charles Hoskinson, the founder and senior developer of Cardano, announced that the Alonso update would be launched in September. . Alonzo Update adds support for smart contracts to Cardano Network. Until now, experts believed that the lack of support for smart contracts was one of the biggest weaknesses of the Cardano network.
The addition of intelligent contract support to the Cardano network will pave the way for more applications, including Decentralized Finance Protocols (DeFi). Defy protocols use digital contracts to automate the process of lending and trading digital currencies. In addition, the Alonzo update puts Cardano in a better position to challenge Ethereum. Ethereum has recently been at the forefront of all blockchains that support smart contracts.
Cardano hit $ 2.08 yesterday, the highest price since mid-May. Cardano was at its peak at the time, trading at $ 2.31. Cardano prices have risen 16 percent in the last 24 hours. Cardano’s recent growth has brought its market value close to $ 70 billion, and it is now the third largest digital currency market after Bitcoin and Ethereum, behind Bitcoin and Tetri.
Nigel Hemsley, one of Cardano’s top executives, said in a video released Friday by blockchain developer Input Output that the Alonso update would be launched on “Monday, September 12”. Of course, if we look at the calendar, we notice that this date is related to Sunday. Input Output later tweeted again that Alonzo’s September 12 update would be launched, this time without mentioning Mondays or Sundays.
Created by Ethereum co-founder Charles Haskinson, Cardano is a Blockchain that aims to compete with Ethereum and other decentralized network hosting networks and seeks to become a safer, more efficient, and more scalable alternative to existing networks.
“Yuri Mazur, senior analyst at CEX.IO, said:
The rise in the price of digital currencies is either directly due to positive news that affects the feelings of buyers or is related to the overall market trend. Launching the long-awaited Alonzo upgrade is a good reason for investors to accumulate Cardano.
A month ago, a digital currency forecasting platform asked its users to predict whether Cardano would be able to launch support for smart contracts by October 1st. The platform’s data show that users’ optimism about launching smart contracts before this date has increased significantly.