In the midst of a struggling cryptocurrency market, everyone wants to know about what exactly is going on with Cardano’s testnet, Alonzo. Well, IOHK finally has an update for us, as the developers provided a much-needed update.
IOHK team representatives have now declared that the Plutus Smart Contract’s launch has now been confirmed and have said that this is a significant milestone for the team and for Cardano itself. IOHK is responsible for Cardano’s development when it comes to blockchain solutions. Cardano (ADA) is ranked as the 5th biggest cryptocurrency at the moment in terms of market cap.
‘Hello world’
Tim Harrison, the marketing director for IOHK, provided an important update pertaining to ongoing developments for Cardano alongside Dimitris Poulopoulos, the delivery lead, and Nigel Hemsley, the head of delivery. According to the update, Cardano’s testnet Alonzo has now launched the initial smart contracts, which are currently operational.
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The initial Plutus smart contract is now successfully operational on AlonzoBlue, according to the IOHK team representatives. The smart contracts had been written in Plutus, which itself is a programming language specific to Cardano. As of now, the contracts shall be tested via the AlonzoBlue phase (the Alonzo testnet’s 1st stage). Also, the transactions on AlonzoBlue are validated through a limited number of various staking pool operators as well as early Cardano pioneers (enthusiasts).
Moreover, the experiments are said to be supported via plenty of external teams. For instance, the phase of testing to come next is known as AlonzoWhite, and it is anticipated to have 500 testers involved and will expectedly begin next month.
1st use cases
The devs had revealed what the initial use cases for the smart contracts should be. These include but are not limited to DEXs, decentralized data oracles, lending and borrowing tools, cryptocurrency-backed stablecoins, and finally liquidity as well as staking pools. Furthermore, smart contracts also possess the capability to host NFTs (non-fungible tokens).
This is all certainly impressive, especially when we consider the fact that even at this stage, the project’s programmatic environment manages to address a plethora of DeFi segments. The Alonzo upgrade itself is yet to be fully launched, with many speculating that this will take place later on in the year’s 3rd quarter. Cardano’s future success may very well depend on how well it manages the addition and implementation of smart contracts.
