The Cardano network was updated on schedule and successfully in the early hours of today. It remains to be seen what further impact this upgrade will have on the third-currency market ecosystem.
to the Report Crypto Potito, expectations are finally over. After years of researching and publishing peer-reviewed articles on the structure, potential, ideas, goals, and other networking issues, Cardano now supports smart contracts and can increase the strength of its ecosystem.
Cardano has gone through a major hardfork and now has the Alonzo update on the main network. This means that Cardano can now support smart contracts, which enables different teams and projects to design and implement protocols directly on the Cardano network.
Cardano’s core network now has the capabilities that were launched in the test network in early September.
One of the most important things you need to know about Cardano smart contracts is the issue of Plutus. Plutus is a software framework that has added the ability to support smart contracts to the Cardano blockchain. The Plutus kernel is used to define the parameters of the advanced version of the unused output model of transactions, or “UTXO”. UTXO is an accounting model for defining the value and management of transactions in the digital currency network. According to the Cardano development team, this model has unparalleled advantages over other accounting models.
The Pluto software framework also provides access to applications and services active on the Cardano network, and possibly fully supports the ability to exchange information with Internet browsers.
Updating Alonoz was not so hassle-free. Recently, it was raised by some experts that the smart contract support structure in the Cardano network is facing the problem of “synchronization”.
The synchronization problem usually occurs in such a way that other users can no longer communicate with a program or protocol at the same time. However, Charles Hoskinson, as well as Input Output, the Cardano developer, have been particularly sensitive in trying to fully explain the network’s smart contract model and give reasons why it is not important.
A few days ago, Input Output published a completely new article explaining the advanced version of the unspent output model approach to executing smart contracts, security issues, non-receipt of fees for failed transactions, and the ability to accurately predict transaction costs.
In any case, the hardfork that was done today has ushered in a new era for Cardano, and it remains to be seen what effect this upgrade will have on the third-currency market ecosystem.