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Cardano Now Has Smart Contracts Capabilities, Alonzo Mainnet Upgrade Went Live

Cardano is an open-source and decentralized public blockchain platform with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, Ada. Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson

Finally, the blockchain platform now has smart contracts capabilities to further strengthen its ecosystem, after years of researching and producing a multitude of peer-reviewed papers on the network’s structure, potential, ideas, goals, and whatnot.

Alonzo Mainnet Now Live

Recently, Cardano saw an important hard fork go through, and Alonzo is now live on the mainnet. Meaning that the network supports smart contracts, allowing several teams and projects to start building and deploying their protocols directly on Cardano.

https://twitter.com/search?q=%24ADA&src=ctag&ref_src=twsrc%5Etfw

As reported earlier, the network had the functionalities built into the Alonzo testnet towards the beginning of September.

One key thing to note when talking about smart contracts on Cardano is Plutus. Plutus is the framework that enables this functionality. It’s core is used to define the parameters of the extended UTXO model. According to the team, it offers unique advantages over different accounting models.

Also, the Plutus Application Framework (PAF) provides access to applications and services that run on the network, and it should also include a full web browser interoperability.

Not Without Hiccups

The rollout wasn’t without its hiccups. Recently, a fundamental concurrency issue came up within the fundamental design of Cardano’s smart contract capabilities.

What this means is that multiple users can’t interact with a protocol at the same time. However, Charles Hoskinson, as well as Input Output (the team behind Cardano), went in-depth to explain the entire smart contract model of the network and how this is not an issue.

Moreover, few days ago, Input Output published a brand new blog that explains Cardano’s EUTXO approach to smart contract execution and how it offers greater security, lack of charges for failed transactions, and full cost predictability.

In any case, with today’s hard fork going through, this marks a new era for the Cardano project, and it’s interesting to see how it will impact its ecosystem going forward.

Source:CryptoPotato