ada hard fork countdown

Besides ETH, today’s top smart contract markets by market valuation include cardano (ADA), solana (SOL), polkadot (DOT), terra (LUNA), avalanche (AVAX), and more.

Ethereum’s fees and its difficulty scaling have led to funds moving to other smart contract competitors with lower fees and faster transaction times. Cardano has promised to be an Ethereum competitor and the next upgrade is expected to give developers functional smart contract capabilities. The upgrade on September 12 is called “Alonzo” and smart contract capabilities were there for previous Alonzo phases, but only for technical participants.

Goguen Phase Will See the ‘Integration of Smart Contracts,’ Goguen Adds the ‘Ability to Build Decentralized Applications’

If all goes well then the community hopes the network can be expanded to leverage defi, NFTs, tokenization, and other types of dapps.

Ada hard fork countdown

IOHK recently revealed the news in a series of tweets

Charles Hoskinson, CEO, and Founder of IOHK, recently slammed critics of the project and commented on the launch of smart contracts.

Traders have a bullish outlook on Cardano in light of recent events, as the altcoin’s price has surged 21.8% in the last two weeks and could potentially rally to $5. ADA has crossed the 2018 high of $1.39. This is a critical price level since the altcoin failed to close above $1.39 for five out of the last six months.

The attempt to close above the critical price level in May 2021 was followed by a reversal from the high.

At the time of writing, ADA is trading at $1.56. If the price drops below the critical level of $1.39, it may briefly retrace before hitting $5 in this bullrun.

Ada alonzo hard fork countdown

The fifth series of funds were deployed to successful projects and support was initiated for the next series, Fund6.

It is expected that projects that are part of Project Catalyst will go live on the Cardano network once smart contract functionality is live.

The update comes within a week of Input Output Hong Kong (IOHK), a public blockchain that hosts Cardano, which launched a public testnet for smart contract integration. This announcement marks the first time a public testnet hosts exchanges, developers, and graduates of ADA’s programs ahead of the Alonzo hardfork.

Once the team has been onboarded, the Alonzo Purple upgrade is imminent.
Alonzo Purple is the third and final stage of the three-stage upgrade to the Cardano network.

Ada mary hard fork countdown

Fund5 of Project Catalyst, set to initiate Fund6 to support new decentralized applications.

  • Input Output Hong Kong launches public testnet for smart contract integration, reveals that the Alonzo Purple upgrade is imminent.
  • Charles Hoskinson predicts tons of Dpp development, Reddit, and forums filled with projects after smart contract launch.
  • Cardano inches closer to smart contract deployment and gears up for a bullrun ahead of the Alonzo hardfork.The altcoin’s price may briefly retrace before rallying further.

    ADA set to rally ahead of Alonzo hardfork and smart contract launch

    Cardano’s Project Catalyst is a series of experiments that brings on-chain governance to the Cardano blockchain and allows participants to deploy funding to proposals that tackle the most challenges.

    Cardano ada hard fork countdown

    Shelley, Goguen, Basho, and Voltaire.

    At the moment, the Cardano network is in the Goguen era. The developers have been working on Goguen in parallel with Shelley and after Goguen completes, both technical-savvy and non-technical individuals will be able to produce Cardano smart contracts.

    “With the integration of smart contracts, the Goguen era represents a big step forwards in capability for the Cardano network,” the Cardano team details on its website.
    “Where the Shelley era decentralizes the core of the system, Goguen adds the ability to build decentralized applications (dapps) on Cardano’s solid foundation of peer-reviewed research and high-assurance development.”

    This week Outlier Ventures published a report on blockchain development in the second half of 2020 and the first half of 2021, and the Cardano project is one of the top projects in terms of development.

    Recently, the team behind Cardano-powered decentralized trading protocol SundaeSwap took a closer look at the hotly-anticipated Vasil upgrade (aka “Vasil hard fork”).

    On 10 December 2021, Charles Hoskinson, Co-Founder and CEO of Input Output Global (“IOG”), the company responsible for Cardano’s research and development, explained that he was going to honour his Bulgarian friend and Cardano ambassador Vasil Stoyanov Davov — who sadly passed away in his apartment in Plovdiv, Bulgaria on 3 December 2021 “after a long combat with pulmonary embolism” — by naming the next hard fork after him. Vasil was an artist, entrepreneur, blockchain consultant, Haskell practioneer, and ginkgologist.

    So they came up with an ingenious way of ‘softening’ the impact of hard forks on their chain and eliminating the ‘trauma’ associated with these on-chain events: the hard fork combinator (HFC). This piece of technology does exactly what it says on the tin: it combines two protocols into one single protocol.

    Cardano engineers refer to this as ‘sequential combination.’ In practice, following the forking event, the chain runs the original protocol for a time before switching over to the updated protocol.

    Herein lies the uniqueness of the HFC. Since block production does not stop, there is no break on the chain, leading to a smooth and graceful transition between protocols.
    As an analogy, think of the evolution of the Cardano blockchain as a relay race, with every hard fork representing the point when one runner hands the baton over to the next one.

    The simple answer is that it won’t: the Cardano blockchain remains backwards compatible, and can still execute these transactions as before.

    The more nuanced answer is, of course, also the more interesting. First, while existing contracts will continue to work, they will be unable to make use of the new features: any transaction using a reference script or an inline datum, for example, must only include funds locked by a Plutus V2 script.
    This means that there’s no risk that these new features change the security guarantees of the old contracts, but also means that dApp developers will have to change their contracts to benefit. We anticipate this will likely require a new audit, for example.

    Additionally, while on-chain code is unaffected, many dApps work hand-in-hand with “off-chain” systems.

    Cardano through several mechanisms, including diffusion pipelining and four Cardano Improvement Proposals (CIPs), CIP-31, CIP-32, CIP-33 and CIP-40.”

    On July 4, Tim Harrison, VP of Community & Ecosystem at IOG, published a blog post in which he talked “the significant performance and capability enhancements to Cardano” that the Vasil upgrade (which he called “the most significant network upgrade since the deployment of staking via Shelley“) — expected to go live on the Cardano mainnet at the end of July — will deliver.

    Harrison said:

    As well as bringing improvements to smart contracts, the upgrade is part of the Basho phase of the Cardano roadmap, which focuses on scaling and network & ledger optimization and will bring multiple improvements to the ledger.

    The upgrade… will implement widely anticipated features such as diffusion pipelining and upgrades to Plutus – Cardano’s core smart contract language. Many of the improvements have been scoped and developed with the support of the wider development community and stem from Cardano Improvement Proposals (CIPs). Additionally, a number of new cryptographic primitives will be provided, and script validation processes will further see adjustments and optimizations contributing to consistency in block propagation times and higher transaction processing rates.

    With regard to diffusion pipelining, he had this to say:

    In essence, it streamlines the process of sharing information about newly created blocks among network participants by ensuring that blocks can be shared (propagated) in the network well within five seconds after their creation.

    Furthermore, it would not be an exaggeration to say that he was a highly beloved and respected member of the Cardano community.

    Then, on June 6, IOG paid further tribute to Vasil by releasing a beautiful short video in which Tim Harrison, Vice President Community & Ecosystem at IOG, talked about Vasil’s legacy.

    On July 20, the SundaeSwap team published a blog post that explained Cardano’s network upgrade process, how the Vasil upgrade would impact already deployed dApps, and how the Vasil upgrade would affect SundaeSwap.

    Here is what they had to say about Cardano’s unique hard fork combinator (HFC) tehcnology:

    One core principle held by Cardano’s developers is in the importance of ‘smooth’ code updates.

    DDoS attack resistance even without full block confirmation. Ultimately, diffusion pipelining will add scalability by enabling further block size increases and Plutus script improvements, as IOG continues to optimize the network throughout the rest of the year.“

    Harrison then went to talk about Plutus script enhancements as well miscellaneous other important enhancements, such as Script collateral adjustment (CIP-40).

    The SundaeSwap team says that “following the update, Cardano will become more scalable and flexible for developers to create newer and better DApps to suit more use cases.” However, they also explained how the Vasil hard fork will affect existing dApps:

    One common question is how the hard fork and the new features it brings will impact already deployed dApps.

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