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The world's third-biggest blockchain has completed the Alonzo upgrade that brings smart contracts technology to the network. Implementation of the technology will help Cardano (ADA) to build a wide range of financial applications. Cardano is preventively solving the main issues of competing for blockchain by using predictable transaction costs.
After the update, developers will be able to create apps that will utilize the capabilities of the blockchain to the utmost. The monumental update will bring Cardano's financial system to another level, bringing it closer to becoming a global financial system with reduced financial and environmental costs. In the first 24 hours, Cardano's network welcomed over 100 smart contracts, in addition to the first decentralized application ready to launch.
Most developers that work on the blockchain state that the newly introduced technology is a game-changer. Starting from this moment, developers can build decentralized apps on the blockchain without going through security compromises while working with a centralized application that functions on dedicated servers.
While other blockchains have already offered their network capabilities for building decentralized apps, the main problem was the unpredictable cost of transactions and network congestion. In addition to that, some platforms utilized the energy equivalent of entire countries. As a result, small developers had no other choice but to sacrifice their product's sustainability and safety.
Thanks to current and previous updates, Cardano has already solved most of the issues that blockchain developers face today. The blockchain utilizes a unique mechanism of verifying transactions that is four million times more efficient than Bitcoin. In addition to that, it uses significantly less energy compared to traditional blockchain networks. The mentioned algorithm also allows Cardano to predict transaction costs and ensure the stability of future applications.
Everything that Cardano achieved and implemented would not be possible without IOHK, the company behind Cardano. IOHK brings such solutions as smart-contract-free NFTs on networks that lead to the creation of 780,436 NFTs. In addition to Alonzo's update, the company has developed Catalyst, a blockchain innovation fund. Catalyst incentivizes the development of innovative projects in order to support Cardano's blockchain and ecosystem. Catalyst has already funded 90 projects worth over $1.5 billion.
The CEO of IOHK, Charles Hoskinson, said that the Alonzo upgrade will be the culmination of six years of complicated development processes that include the best blockchain developers in the industry. The main goal, for now, is to improve the platform and incentivize the adoption of the Cardano network.