The team behind the third largest cryptocurrency by market capitalization, Cardano
, has announced that it has successfully implemented smart contracts features into the platform’s current test network. Sponsored
Smart Contracts Already on Alonzo
test network. With the update, it now supports the smart contract features of Plutus. In a tweet from the company, we can read:
Yesterday we upgraded the Cardano test network, successfully implementing Plutus smart contract capabilities. We are now focusing on final component testing and exchange integration, ahead of the upgrade of the main Alonzo
network, which is scheduled for deployment on September 12. Sponsored Sponsored
Yesterday, we upgraded the #Cardano testnet, successfully deploying #Plutus #smartcontracts capability. The focus now is on final component testing & exchange integrations, ahead of the #Alonzo mainnet upgrade, still on track for deployment on September 12 #
Input Output (@InputOutputHK) September 2, 2021
first thing to note is that this does not mean the Cardano mainnet supports smart contracts. However, according to the tweet above, they should be coming within the next 10 days.
What is Plutus Cardano?
Another thing to pay attention to is Plutus. Simply put, Plutus is a framework that would allow you to create smart contracts on Cardano. According to the previous update, Plutus Core will be used to define the parameters of EUTXO trades. EUTXO is an extended model of UTXO, which
ry offers unique advantages over other accounting models. Plutus will also compile code developed for smart contracts.
Additionally, the Plutus Application Framework (PAF) will provide easy access to applications and services running on the web. It should also include full interoperability with web browsers.
Applications written on top of the PAF automatically provide an HTTP and WebSocket interface. This is used to interact with the application from a web browser.
Plutus should also expand current token capabilities. It will improve issuance policies. This will be a beneficial functionality for NFTs that use so-called time locks.
The introduction of smart contracts to the Alonzo network is part of the Alonzo update, which is currently in the testing phase. If the team manages to meet the deadlines, the move to the mainnet could take place in as little as 10 days.
Meanwhile, as we reported earlier the price of Cardano’s native token – ADA reacted quite favorably to the news. The coin crossed the $3 level for the first time ever and set a new ATH of around $3.10. Currently, however, a rebound has taken place and ADA is trading gently below $3.
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