As a researcher who has been closely following the cryptocurrency scene for years now, I must say that the successful launch of the Alonzo hard fork by Cardano is nothing short of impressive. This event marks a significant milestone in the evolution of this popular proof-of-stake blockchain, and it’s fascinating to see how far it has come since its inception.
Cardano has successfully carried out the Alonzo update, signifying a significant achievement for its widely used proof-of-stake blockchain network.
According to U.Today’s report, the initial launch of the hard fork was scheduled for late August; however, it was postponed because certain centralized exchanges required additional time to make necessary preparations.
The hard fork has transitioned Cardano to Voltaire, the era of decentralized governance.
Significantly, the significant update was referred to as ‘Chang’, a tribute to Phil Inje Chang, our late product manager at Input Output, who played a pivotal role in developing Voltaire.
The activation of the hard fork introduces Plutus v3, offering advanced cryptographic tools, enhanced performance, increased smart contract efficiency, and governance integration. Essentially, this is a major milestone because it not only activates community governance but significantly enhances scalability and interoperability with the deployment of Plutus v3, as Cardano advocate Rick McCracken explained in a social media post.
In a recent livestream, I, as an analyst, highlighted that Charles Hoskinson, the founder of Cardano, emphasized that our community is now in control, likening it to being behind the wheel. He further stated that it’s up to us, collectively as an ecosystem, to decide and shape the future.
In Hoskinson’s view, the assessment of Cardano should be based on the exceptional qualities of its community. This community stands out for its potential to reach the peak of Mount Everest, boasting more PhD holders than any other single group in aggregate. Moreover, he emphasizes that unlike Bitcoin, this community possesses the authority and capacity for self-improvement through regular updates.
Despite the excitement surrounding the upgrade, the ADA price is down 3.1% over the past 24 hours. The token remains in 12th place by market cap.
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2024-09-02 09:09