Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Cardano’s Alonzo Is A Sure Thing

CryptocurrencyAug 22, 2021 11:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Cardano’s Alonzo Is A Sure Thing

  • Cardano has successfully implemented a string of testnet updates bringing smart contracts closer to reality.
  • Cardano’s much anticipated smart contract functionality will be operational on September 12th, following the Alzono hard fork.
  • ADA broke into the top 3 coins by market capitalization, closing in on its previous all-time high.

On paper, blockchain projects can be the ultimate Ethereum killers, except they are unproven until they meet the harsh market demands. Cardano’s analytical and research-driven development created an industry hysteria of presumption. Reflecting on the question “what if?” Cardano crafted a confident project reflection which, according to the latest IOHK update, will be fulfilled starting September 12th.

Smart Contract Unleashed

The Cardano team is ending the mysticism behind the 4th cryptocurrency by market capitalization after announcing the inclusion of smart contracts in the Alonzo hard fork. When successfully released, the Cardano blockchain will unlock new features already existent on Ethereum, such as DeFi or NFTs. IOHK addressed the upgrade, tweeting that Alonzo will be completed through a hard fork combinator (HFC) event.

Alonzo’s implementation has followed a testing process, including color-coded stages such as Alonzo White, Blue, and Purple. Each color was designated to support more testnet users, Alonzo White being the first smart contract testnet with only 500 people accessing the functionality. Purple is the first publicly available testnet allowing users smart contract interactions and code testing, including stake.

In a Twitter video, Charles Hoskinson addresses the blockchain’s progression, noting Alonzo Purple was “a lot smoother than Byron and Shelley,” saying the process has been redefined to faster ecosystem implementation. However, Cardano’s announcement generated market turmoil with the price of ADA nearing its previous all-time high, registering a price of $2.25 according to CoinMarketCap. Moreover, ADA, the native token of Cardano, briefly flipped the Top 3 coins by market capitalization ranking 3rd before retracing to the 4th spot.

Can Cardano Finally Challenge Ethereum’s Hegemony?

New projects have failed to challenge Ethereum’s market domination. Blockchain communities are built around technology and the number of believers helps increase the value by constantly reaffirming its status. The meticulous development of Cardano helped build a thriving and strong community. Yet, the cult-like behavior propagated in the community is damaging for the universal growth of the network as it is financially derived.

While Cardano did not match Ethereum’s functionalities on one to one range, it did launch blockchain initiatives to prove the resilience of its network. Cardano’s African quest aims to build a technological foundation by developing digital identities that can be “linked to payment systems,” incentivizing Cardano adoption and creating a new 5 trillion dollar economy.

In a Bloomberg interview, Charles Hoskinson addressed industry concerns that Cardano has been developing the blockchain for several years without notable results; however, Cardano’s peer-reviewed approach strives for the larger goal of implementing blockchain on a country level.

On The Flipside

  • Users are betting on the successful implementation of Cardano smart contracts by October 1st.
  • Blockchain is a fast-developing space, and smart contract implementation could be too late for Cardano to make the desired impact.
  • Users are backing Cardano because they invested when the price was below 3 cents.

Yet, Cardano is getting closer to emulating Ethereum as it will have the same functionalities but with lower fees and faster transaction times. Ecosystems such as Polygon, Binance Smart Chain, EOS, or TRON have all tried to lead the blockchain space by addressing existing shortfalls in Ethereum such as TPS or scalability. Yet, Ethereum is still preferred by developers and users despite its high network fees.

Cardano must exceed all industry expectations if it aspires to engage in the ‘flipping’ discussion. While the ‘flippening’ cannot occur in an instant, Cardano needs to lead trend discussion and developer preference in the new blockchain epoch.

Why You Should Care?

Cardano is the fourth-largest cryptocurrency by market capitalization at the time of press, yet it does not have any functional use cases to fully justify its presence.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Cardano’s Alonzo Is A Sure Thing

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email