The Alonzo update for Cardano is currently live on the mainnet! Here’s what you can anticipate.
Finally, the wait is over. Cardano now has smart contracts capabilities to enhance its ecosystem further, following years of study and to produce a slew of peer-reviewed publications on the network’s structure, possibilities, concepts, objectives, and other topics.
The Alonzo Mainnet is now operational
Cardano just underwent a significant hard fork, and Alonzo is now live on the mainnet. This implies that the network now supports smart contracts, allowing multiple teams and projects to develop and implement Cardano protocols.
Around the beginning of September, the network had the functions built into the Alonzo testnet.
Plutus is a crucial concept to remember while discussing smart contracts on Cardano. The framework enables this feature. The parameters of the expanded UTXO model are defined using Plutus core. As a result, it has distinct benefits over other accounting methods, according to the team.
Furthermore, the Plutus Application Framework (PAF) enables access to network-based applications and services, and it should support complete web browser compatibility.
Not Without Obstacles
There were several snags in the deployment. It was recently brought out that the core design of Cardano’s smart contract capabilities has a fundamental concurrency problem.
This essentially indicates that many users cannot use a protocol at the same time. However, Charles Hoskinson and Input-Output (the team behind Cardano) went into great detail to describe the network’s whole smart contract concept and how this is not a problem.
Input-Output also released a new blog a few days ago that outlines Cardano’s EUTXO method to smart contract execution and how it provides higher security, no fees for failed transactions, and complete cost predictability.
In any event, today’s hard fork ushers in a new era for the Cardano project, and it will be interesting to watch how it affects its ecosystem in the future.