Cardano Launches Smart Contracts
On August 12, Cardano announced the successful completion of the Alonzo hard fork, which facilitated the creation and execution of smart contracts on the public blockchain.
The Alonzo hard fork allows you to write smart contracts for Cardano using Plutus scripts, which the team describes as “a custom-built smart contract development language and implementation platform using the functional programming language Haskell.”
Cardano is a public blockchain founded by Ethereum co-founder Charles Hoskinson and developed by his research firm IOHK.
Previously, the project has been repeatedly criticized for failing to provide the functionality of smart contracts. But despite the haters the hype surrounding Candano’s updates has seen its own ADA token climb to an all-time high, with ADA surging 192% from a local low of $1.06 in late July to September 3, according to CoinGecko. ADA is also up more than 1600% since early 2021.
However, the ADA has dropped since then and has spent the past week hovering between roughly $2.30 and $2.80, suggesting that many speculators may have bought into the news and sold the news.