September 12 marked a new milestone for Cardano, the largest proof-of-stake blockchain after it launched the mainnet of the much-anticipated Alonzo. Alonzo is expected to confer on Cardano network a smart contract status. Interestingly, within 24 hours of the Alonzo mainnet going live, it received 100 smart contracts, with the first being a new decentralized exchange, Minswap.
Although the Minswap DEX launch was trailed by a bit of controversy which spilt onto Cardano’s end, the smart contract capability is a long-awaited victory for Cardano- which has often been criticized by skeptics for having no tangible use case or products like its counterpart, Ethereum.
Is Another Price Rally Possible for ADA?
Moreover, this is also likely to see the price of the blockchain’s native token, $ADA, to new all-time highs after an impressive rally to $3 for the first time in the days that led to the mainnet launch. The momentum generated before Alonzo’s launch and even the mainnet release could not sustain a further price rally, leading to more speculations on the significance of Alonzo.
Still, Cardano ($ADA) price gains over the last months are somewhat remarkable. Since June, ADA has gained by 195% from a mere $1.03 to $3, which it attained earlier this month. The advent of DApp capabilities on the network aligns with the aim of founder Charles Hoskinson for Cardano, who seeks to make Cardano a blockchain to reckon with just like Ethereum in terms of helping developers to build smart contracts and automated market makers (AMMs).
Cardano and IOHK to Develop Africa Blockchain Ecosystem
Parent company, Input Output Hong Kong (IOHK) is actively working behind the scenes in Africa with the Ethiopian government to introduce the distributed ledger technology into the national administrative infrastructure. Part of the project will also see IOHK develop a blockchain-based identification and grading system for teachers and students in the African country. A huge portion of Cardano’s attention is dedicated to the African market.
In the wake of the Alonzo launch, Cardano added another feather to its cap when Japanese regulators approved $ADA for listing and trading on exchanges in the region. This makes $ADA the fifth cryptocurrency to attain this status, behind Bitcoin, Ethereum, Bitcoin Cash, Litecoin and one other.
Cardano set out with a colour-coded roadmap for Alonzo which ended at Alonzo Black, the final integration. Each public testnet launched with different capabilities and user base until the mainnet’s release. Alonzo also marked the end of the Goguen era, containing a series of projects and developments for Cardano.
Cardano has yet to prove a point to its critics but witnessing the launch of 100 smart contracts on Alonzo within 24 hours is a good start. The coming months will herald the launch of other smart contracts and decentralized applications that can interact with $ADA and other tokens.