Cardano SMART CONTRACTS Are Here! | What Next? | ADA Crypto News Today
I mean this is just fantastic to see when weve been in this project for such a length of time and um. You know all the haters out there that have been basically saying that you know: cardano is a ghost chain, uh stable coin and all this sort of general um fud thats been out in in the space for such a long time. Mash that, like button, if you you know youre proud to be invested in cardano uh, subscribe tap, that bell select all the notifications, so you never miss a video. This really supports the channel lets, get down to the desktop and see whats being pushed out in the media today. So here we are cardano launches smart contracts after successful hard fork on the 12th of august cardano tweeted that the upgrade had been completed successfully at epoch 290, facilitating the creation and execution of smart contracts on the public blockchain. For the first time – and this is a monumental moment for for cardano when you consider all the you know – videos that weve done covering cardano um, all the um fudd around ghost chain and stable coin – and all this utter rubbish – thats been spoken um, you know its Its fantastic to be sat here and cardano fulfilled um, you know putting out smart contracts. So for me this is a huge milestone, um and yeah. For me, its very much the beginning, though right um, despite celebrating the the milestone cardano, notes that its still early days for the project, asserting that now is when the mission truly begins and im completely aligned to that weve weve talked about um.
The the price discovery expectations now we have been calling for a little bit of a pull back. I think thats, what were seeing now um were probably gon na get a bit of sideways action uh unless theres like a big announcement or something along those lines and uh. Once we start getting that transaction volume were gon na see this one really start to seek that price discovery that were all uh expecting uh over the rest of this year. Right so cardano has announced the completion of its alonso hard fork, ushering in its long awaited. Smart contract functionality. This is where the mission truly begins, as we uh the whole community. That is start delivering on the vision we all have been working towards for such a long time, uh, building a decentralized system that extends economic identity and opportunity to everyone everywhere. So you know this is monumental. This is a project that, for me and nick, is, is doing remarkable things in the world right and then theres going to be many projects built building on cardano that are also aligned to that um. You know, thought, process and vision. The alonzo hard fork enables smart contracts to be written for cardano using plutos scripts, which the team describes as a purpose built smart contract development, language and execution platform using the functional programming language haskell. However, the team has encouraged its community to maintain sensible expectations for alonso, stating there are high expectations resting on this uh upgrade some unreasonably so cardano watchers may be expecting a sophisticated ecosystem of consumer ready apps available immediately.
After upgrade, expectations need to be managed here, and this is something that nick and myself have talked about. You know quite regularly on on the show, in the lead up to this smart contract release that you know the projects that are going to be building on the the cardano ecosystem, arent going to be ready and live um on the 12th right were going to see This sort of probably staggered over the next few months, right, um, so sort of end of october november, is when were going to start to see quite a lot of these ecosystems uh. Sorry, these projects build on the cardano ecosystem and actually go live. Cardano is a public blockchain that was founded by ethereum co, founder charles hoskinson and developed by his research firm iohk, while cardano pledged to rival ethereums domination in hosting decentralized finance, so thats defy and web free applications. The project has garnered criticism for failing to deliver smart contract functionality until now, despite launching in 2017. I think this was september. For me, this is um. You know its its an interesting one and uh yeah. They have received an awful lot of criticism. Um dominic founder of the rival platform internet computer slam cardano for the amount of time taken for the protocol to launch smart contracts. Stating it amazes me that this chain has been in the market for two years and is only just adding support for smart contracts, and people are happy with this progress.
And this is really interesting right, because i look at internet um, computer and uh. To be quite frank, with people there seems to be an awful lot of um. You know issues behind the scenes and uh. You know weve reached out to the team, but theyre just not available um. So you know, i guess potket all right. You can get things over the line quite quickly, but then youve got to cover up all your potential issues, the behind the scenes right um, but you know thats just my my opinion on on internet computer. I wont be going near it and that isnt, because of the statements that are being made here. I just think that you know theres potential risks with that one, but um. You know uh happy for them to to reach back out and spend some time chatting to us about them all. Um cardano also um copped flak in september after the first d app to launch on its test net encountered issues relating to failed uh, concurrent transaction processing, outspoken ethereum, maximalists uh, anthony tweeted, seriously, six years of uh peer, reviewed research and 90 billion plus market cap later And the first d app on cardano cant, even do concurrent transaction processing aka a very uh, the very thing uh you need for defy uh. Obviously all of this was um. You know cleared up and um. You know theres a lot of spin being placed on on this right and we know the uh coin.
Telegraph uh are not um. You know a news outlet that like cardano, so they will be trying to smear wherever possible right. So you know you have to take some of this with a pinch of salt right, but you know you should probably pick your your projects. You know wisely right when youre going to start talking about internet computer and um, trying to make out that theyre something special, because in my eyes, theyre really not um. Cardano has since sought to address the criticism, a certain that the apps built on the protocol are not limited to one transaction per block, um again youre going to get this with. You know a new sort of um programming language to to utilize um on the cardano ecosystem. I think this is just something thats, you know likely to happen uh. Despite its detractors, the hype up for cardanos uh upgrade recently drove the native token ada into record highs. With ada rallying 192 from the local low of 1.06 in late july to tag uh 3.10 on september 3rd, according to coin gecko, ada is up more than 1 600. Since the start of 2021 um, however, ada has since dropped um, and this is something that we talked about right. So its now sort of between 230 and 280 um suggesting uh suggesting many uh speculators um – may have bought the rumor and sold the news and thats something that you know. Weve talked about regularly on the the channel, but lets talk about expectations right um, more notably my expectations right and, and they are kind of around um.
You know the transaction volume and kind of where we are right now. I personally think were sort of around here when we compare it to uh some polygon matic and their transactions and price discovery. Yeah – and i know nick – did a video this morning – uh sort of covering this in a in a bit of detail as well. But you know this is what to to expect right were going to expect these volumes to to come in right now, if we go to say um coin market cap, for example, and uh we go to not to cardano. What am i on uh well go to polygon matic. You know im just going to search for it right. So if we have a look and uh we gave, i dont know the year right. So you know this is where are we um? So this is april here right, so this is kind of where i kind of see us at at the moment right sort of around this this period right now, if you look at the prices for 0.33, so 33, almost 34 right now, if we go over here So what date was that that was that was april right 6th of april right? We go to to april here, um sort of around the sixth. I can find the sixth here there we go sixth of april right, theres, minimal transaction volume right if we go up here, um so were now 16th of june, and we go to the 16th of june here.
Where is the 16th of june? So there right were now looking at one dollar 1.47, so you know for for me. This is. This is kind of what i mean and kind of what im expecting for for cardano right like were expecting that volume to really increase were expecting off the back of that that the price increases alongside that right, thats, exactly what weve seen with polygon, i could go. Do the same with solana um, you know this is the expectation this is whats likely to happen, and for me you know its still early its still a good time to to be getting into cardano. Obviously, look for the the buy zones and im sure nick cover those uh over the course of the the next. You know few days um, but you know, for me: cardano is an exceptional project and these things take time with that said, theres always fun associated with you know these projects, especially when its um, you know, theres some fierce competition in this sector of the crypto space. So with that said, let me know what your thoughts are. You know uh and your expectations for for cardone. I really enjoy reading all of your comments.