Cardano takes another step to add a $55 billion market

Charlie Taylor

The Cardano platform, which aims to compete with Ethereum in the smart contract space, has taken another step toward adding smart contracts and decentralized finance, a $55 billion market. IOHK, the organization behind much of the development in the ecosystem Cardano announced today on Twitter that the Alonzo test network has gone through a hardfork called Alonzo White.

“We will monitor the new network closely for the next 24 hours as we continue to do more QA work on the node tonight. We will then review any feedback/results tomorrow and begin to address any necessary corrections. We expect a series of updates as we add features to Alonzo White.”–  stated IOHK

Alonzo White's testing phase will be preceded by Purple, Blue and Black before joining Cardano's official network. These tests are done to ensure compatibility and network security. The Alonzo upgrade, named after mathematician Alonzo Church, will be responsible for adding smart contracts to the network. The difference between these contracts and the Ethereum ones will be the use of a new security-focused programming language called Plutus. “Plutus will be used to write and deploy superior decentralized applications (DApps). The designers of these new DApps will have the security of knowing that these apps will do what they intend to do, with a simple interface with very little room for unintentional errors.” Testing is being done privately, however, from the Purple phase onwards test network will go public and will allow the development of smart contracts, dapps and other decentralized finance applications. If the other steps work, the Purple phase will be available in August and the official launch soon after. According to the DeFi Pulse website, there is a total of US$55.21 billion, with most investments in the Ethereum network. DeFi at Cardano is 0Buy Bitcoin at Coinext
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