Cardano Alonzo Update: Over 100 Smart Contracts Launched Already Online | Blockchain24

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The third largest blockchain in the world has completed the Alonzo upgrade, which brings smart contract technology to the network. The adoption of the technology will help Cardano (ADA) create a wide range of financial applications.

After the update, developers will be able to create apps that make the most of the blockchain. Grand update will bring the financial system out Cardano to a new level, bringing it closer to becoming a global financial system with reduced financial and environmental costs. In the first 24 hours, the Cardano network adopted over 100 smart contracts, in addition to the first decentralized app to go live.

Most blockchain developers claim that the newly introduced technology is a game changer. From now on, developers can create decentralized applications on the blockchain without compromising security by working with a centralized application that runs on dedicated servers.

While other blockchains have already offered their networking capabilities to build decentralized applications, the main concern has been unpredictable transaction costs and network congestion. In addition, some platforms have used the energy equivalent of entire countries. As a result, small developers had no choice but to sacrifice the sustainability and safety of their product.

With current and previous updates, Cardano has already solved most of the problems blockchain developers face today. The blockchain uses a unique transaction verification mechanism that is four million times more efficient than Bitcoin. In addition, it consumes significantly less energy compared to traditional blockchain networks. This algorithm also allows Cardano to predict transaction costs and ensure the stability of future applications.

Everything that Cardano has achieved and implemented would have been impossible without IOHK, the company behind Cardano. IOHK offers solutions such as NFTs without smart contracts on networks, which result in 780,436 NFTs. In addition to the Alonzo update, the company has developed Catalyst, an innovative blockchain foundation. Catalyst is driving the development of innovative projects to support the Cardano blockchain and ecosystem. Catalyst has already funded 90 projects worth more than $ 1.5 billion.

IOHK CEO Charles Hoskinson said the Alonzo update will be the culmination of six years of challenging development processes involving the best blockchain developers in the industry. The main goal for now is to improve the platform and drive the adoption of the Cardano network.

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