Charles Hoskinson to Announce On Friday When Smart Contracts Will Start Running On Cardano

The CEO of IOG, Charles Hoskinson, who created Cardano (ADA), has announced that the exact date for the deployment of smart contracts functionality on the Cardano mainnet will be announced on Friday.

Alonzo Purple, the final phase of the much-awaited Alonzo hard fork, which will officially activate the functionality of smart contracts on the Cardano blockchain, was launched a few days. The phase has since opened Alonzo to public testing, unlike the two phases (White and Blue).

Cardano Community Would Know When Smart Contracts Will Be Live On Friday

Hoskinson made this new development known in a brief update about the progress and plan of IOG on Alonzo. During the live update on 10th August 2021, Cardano founder stated that the software firm would announce on Friday when Cardano would fully support smart contracts.

Hoskinson hinted that the deployment will play out before the upcoming Cardano Summit, which is slated for next month.

Charles Hoskinson noted:

“We’ll be able to announce when the Alonzo hard fork is going to happen, and at that point you’ll be able to run smart contracts on Cardano.”

Cardano (ADA) Price Surges 20%

In the wake of the announcement, the price of ADA, the native token of the emerging smart contracts platform, Cardano, started experiencing a notable appreciation. Over the last 24 hours, the cryptocurrency has surged more than 20%.

At the time of writing, according to CoinMarketCap, Cardano (ADA) is trading at $1.77, its highest price level in over two months.

Cardano’s Alonzo Starts to Onboard Users

Since the launch a few days ago, Cardano’s Alonzo Purple has been onboarding users to its public testnet, which indicates that the much-awaited Alonzo deployment to mainnet is very much around the corner.

It’s worth noting that Alonzo White that preceded Purple only had limited support for a closed group of 500 users to run smart contracts. But Purple has opened Alonzo testing to all users.

Certainly, the implementation of the Alonzo hard fork will give Cardano (ADA) the means to challenge Ethereum, which is currently the world’s largest smart contracts platform. The upgrade will open the door for many applications, including the support for an ERC20 converter, giving room for ETH tokens to run on the network.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.