All you need to know about Alonzo, the coming update in Cardano (ADA)

The Cardano project is very close to rolling out its smart contracts feature called Alonzo. IOHK, the development team behind the Cardano blockchain, is working to get the latest update that will add the long-awaited smart contracts to go live as of October 1st. Will the update occur within the established dates? Most people think it won’t. 

Cardano is currently the fifth-largest blockchain by market capitalization. In 2021 it has generated great expectations and this contributed to the growth that its token ADA has experienced. The decentralized blockchain project is one of Ethereum’s biggest rivals on the market. For this reason, it is not surprising that users want to bet on their progress. This is what is currently happening in the Polymarket decentralized prediction market, based on the Polygon sidechain.

What impact will Alonzo have on the Price of Cardano (ADA)?

Prediction markets allow people to bet on the outcomes of real-world events, and somehow provide a way to know what people think about a particular situation. Currently, a group of users is betting on whether Cardano will launch the smart contracts by October 1, and most participants are skeptical of Cardano’s schedule. Shares traded at $ 0.43 for “yes” and $ 0.57 for “no”. Since the most expensive bets are the most correct, this indicates that market users are currently leaning more towards a prediction that indicates that smart contracts will not be available on time.

These bets do not seem to worry the founder of Cardano, Charles Hoskinson. In fact, he tweeted the page along with the comment “People, you really make me laugh.”

Smart Contracts arrive on the Cardano (ADA) Blockchain in August

What is the Goguen stage of Cardano’s development plan based on?

Since its founding in 2015, Cardano has been one of the most cautious developments in the ecosystem, adding features slowly and after multiple extensive research and testing. Today, six years after its launch, a new stage arrives for the blockchain that will put it to the test, allowing it to compete with the other third-generation blockchains such as Solana, Avalanche, Tezos, and with the main rival: Ethereum.

Following an elaborate development plan divided into stages, Cardano is in the Goguen era, which is the most significant for the blockchain because it will add support for smart contracts, native tokens and will open the possibilities to build a DeFi ecosystem within this network.

In order to do this, Cardano is performing a multi-phase upgrade known as ‘Alonzo’. Each phase of Alonzo – Blue, White and Purple – will bring more users, functionalities, and features to the network. On Thursday, July 15, the IOHK team successfully deployed the Alonzo White fork in the testnet. Once all the phases of Alonzo finish, Cardano will finally have functionalities such as DeFi and dApps.

This deployment is expected to be fully implemented between August and September of this year and launched on October 1st. 

What do you think, will the update arrive in time?