Cardano is paving its way towards new levels in Blockchain Technology as Input Output Hong Kong (IOHK) has launched a new scheme for Cardano, which is known as Smart Contracts, as a subsequent step of Alonzo. On 27th May, Input Output Hong Kong (IOHK) provided some briefing on the launching of Cardano’s latest footstep Smart Contracts. It was revealed in the announcement that the initial testnet has recently been launched. IOHK did not disclose in-depth information about the nitty-gritty of the project, but it mentioned that some more details would be shared soon. Smart Contracts is the subsequent update in the project Alonzo which has its phases named blue, white, and purple. Smart Contracts is the blue phase which will be further replaced by white, and purple will come after it.
Smart Contracts is to bring some new attributes to the Cardano blockchain network. There is a possibility of developing advanced decentralized applications (dApps). These features have been introduced using Plutus Scripts which consist of transaction codes on both blockchains and the user devices known as on-chain code and off-chain cod, respectively.
Development in Cardano Blockchain Network
In recent years, Cardano has been extensively admirable as the investors have been joining it frequently. It will take some more time for Cardano to compete with Ethereum. Hoskinson, the Chief Executive Officer (CEO) of Input Output Hong Kong, has frequently been declaring about how Cardano will be able to overpower its lacking shortly.
The past development of Cardano ADA prices has promoted it to a great extent. He explained that there would have no threats as Ethereum has by Proof-of-Stake. Proof-of-Stake does not solve mathematical puzzles for providing information on data. Rather it depends upon the probability resulting in only one transaction that cannot be much reliable as invalid data is entered in the blockchain preventing double-spending. Moreover, Hoskinson exclaimed that another shortcoming in Ethereum is scalability as it is not as efficient in tackling several transactions as frequently as Cardano can.
About Cardano
Cardano is one of the famous blockchain technology peer-to-peer crypto transferring networks. Its development has been divided into several phases named after renowned English personalities Byron, Shelley, Goguen, Basho, and Voltaire and Alonzo, respectively. Each of these phases is a step further in the improvement of technology and decentralization.