This morning, Input Output Hong Kong presented a plan in order to upgrade the Cardano testnet. The proposal aims to finish the steps toward an Alonzo hard fork. Additionally that, the Alonzo phase is an important step for the chain since it will allow smart contracts for Cardano. According to a thread on Twitter from IOHK this upgrade is scheduled to occur within the next few hours. Additionally the network will initiate the hard fork combinator making the final steps for the Cardano mainnet hard forking. Trading Bitcoin is all about buying low and selling high, which is what trading Bitcoin through Quantum Code or similar platforms entails. The hard fork is scheduled to be launched in mid-Septemberand will require the testing of the fork under controlled conditions. IOHK anticipates that it will complete the procedure within the next day, making sure that everything is in place for the split.
IOHK Ushers in Goguen Era
The Alonzo era is the closing of the Shelley era, which was the second era of the Cardano roadmap. Shelley began to work in mid-2020 and was the first step in bringing Cardano to a consensus based on proof-of-stake. The algorithm was designed to create delegation, which allows users to put their assets into the name of others (DPoS). In addition, it has created additional incentives for nodes by way of Cardano tokens. The tokens will allow users to participate in the voting process on the chain. Cardano Shelley has also introduced Cardano Native Tokens (CNT) that allow users to design and distribute their tokens to the chain. After the update has been completed, Cardano will enter the Goguen time. Goguen will allow anyone to build and set smart contracts on the Cardano blockchain. In addition, this can be a gateway to applications that are decentralized and native to the blockchain. The development of Cardano, Alonzo is a stage with three phases that is divided in Alonzo blue, white and Purple. The testnet previously covered Alonzo Blue along with White with the latter having more users with more features and functions than the first. As we expected, Purple will be made public with its first phase that will provide simple smart contracts as well as the second one, more complicated ones.
The Mainnet Launches Soon
This last round will guarantee that everything is running smoothly, with complete bug corrections. The next phase, which is smaller, are Alonzo Red or Black. Both will certainly provide IOHK the chance to address any issues that remain. Additionally, the company is expecting input from shareholders SPOs and users as well as Plutus‘ developers, as well as exchanges that are trying to join the mainnet. Exchanges will continue testing the newly implemented implementations against latest versions of the components. If it is confirmed to be stable, IOHK will know what to look at on the testnet prior the fully integrating with the mainnet. The update’s news will boost ADA prices on the crypto market. Investors are expecting a greater price movement following the official launch of the mainnet. Cardano is an innovative venture, and is hoping to meet all its goals on the roadmap in the future days. Therefore, it is an investment worth considering, with the promise of more in the future after the Goguen time