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The Cardano network has officially executed its highly touted Alonzo hard fork.
The upgrade introduces smart contract capabilities and paves the way for developers to launch a host of new projects and applications on the network, such as decentralized finance (DeFi) platforms, non-fungible tokens (NFTs) and stablecoins.
Cardano creator Charles Hoskinson says he believes the platform’s long path to the smart contract era will be beneficial for the entire crypto industry.
“We worked for a very long time. Some of the members of this team have been working for over four years. We did our work. [We did] our homework. We did hundreds of presentations, dozens of papers.
So much code was written and a lot of very careful thought went into building a very novel model that’s ubiquitously beneficial, if anything, as an experiment for the industry [that] we feel is the best industrial model.”
With smart contract functinality now live on Cardano’s mainnet, Hoskinson is looking ahead to what’s next for the ecosystem, including the debut of the Plutus application backend, which offers a suite of components that will allow both technical and non-technical users to build on the network.
“So that’s the day, and you know what happens? There has to be a morning after, September 13th, Monday. We wake up. It’s business as usual. Lots of things will happen. [The] network will probably be under a lot more load because people play around with things and test things and that’s fine.
And a few weeks later, the latest and greatest version of the Plutus application backend will be released and we’ll have the [Cardano 2021] summit. And there will be a huge spotlight on the ecosystem as a whole. That will be a great event.”