Cardano (ADA) has been active in the past few days. ADA’s blockchain went through one of the most anticipated blockchain updates on 12th September 2021. To illustrate, the update is known as the Alonzo update. In this article, we have covered all you need to know about the new Alonzo update.
The update was announced on 6th August through Twitter. It was received with open hands by the investors and the crypto community. It reached its all-time high at $3, a 100% increase. However, came back down averaging at $2.5 very soon. Cardano was expected to break the records once it is launched and successful.
The Alonzo update promised a change in Cardano’s ecosystem. Previously, the ADA blockchain only had trading. But the Alonzo update would make it advanced. Cardano was on its way to become Etherium’s most ferocious rival.
The Alonzo upgrade would help Cardano bring DeFi apps into play. They have 150 developing projects through their Cardano’s Project Catalyst Innovation Program. This update is the Goguen era of Cardano’s development stages. In this era, Cardano is to introduce a multi-currency ledger. This will help introduce new tokens, and make the currency more useful. Moreover, Cardano can step into the world of Nfts (Non-fungible Tokens). The ADA blockchain would allow the creation of new currencies and other physical and digital assets.
Following the update on the 12th, some users complained about experiencing delayed transactions. The Input-Output Company advised users to remain patient as the post-Alonzo update might bring some technical glitches. To become a sophisticated ecosystem with all the goals it wishes to achieve, ADA requires some bugs to be fixed.
THE CARDANO DIP POST UPDATE
After the Alonzo update, the value of ADA in the crypto market was expected to rise. On the contrary, the value went down and stunned the market. Turns out that Minswap did a public test net launch on 5th September. However, it didn’t meet the expectations. Minswap had to launch a DEX on ADA’s blockchain. Unfortunately, the test failed and Cardano faced a backlog. Moreover, language barrier is another reason for the fad. Cardano is programmed in Haskell, which does not have as many developers. Whereas, Etherium is programmed in Solidity which has hundreds of thousands of developers in the market. Thus the language barrier and lack of resources created a market fad post-Alonzo update. However, experts still believe that once the new update will settle, the Cardano market will go up and the investors will pile up profits.
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