The Daedalus and Alonzo Upgrade Explained for Cardano Blockchain (ADA)
In a short period, Cardano (ADA) has made it to the list of top 10 online currencies by market capitalization. It is currently at number seven and has a market capitalization of more than $41 billion. It represents about 2% of the cryptocurrency market globally. It attained an all-time high ($1.5) on April 14, according to CoinGecko.
Charles Hokinson, co-founder of Ethereum blockchain and founder of Cardano, leads the IOHK. He posted a video on his YouTube channel titled “Some Musings About the Roadmap”. In the video, he talked about Cardano’s roadmap over the coming four years.
He said that Cardano developers are busy trying to find a solution for the scalability issue as well as Cardano’s approach. However, he will start focusing on the issue when the Alonzo update is complete. After the Goguen update is done, the Cardano roadmap scalability phase will follow. The name of the phrase is Basho, named after a Japanese haiku master of the 17th century.
The Daedalus and Alonzo Upgrade
The Daedalus update was released by Cardano on April 1. It marks the start of native tokens support on the blockchain and the Project Catalyst Fund3 voter registration. With this update began the countdown to the cryptocurrency becoming a totally decentralized blockchain.
The countdown has already reached its realization. A representative from the Cardano Foundation discussed the Daedalus update with Cointelegraph.
They said that a Daedalus user’s wallet can now be used as one unified interface to accept both ADA, in addition to many other tokens on the blockchain. They also talked about Cardano’s journey to becoming a decentralized blockchain.
According to Cardano, the decentralization event has put it on the map as one of the most decentralized blockchains globally. The next and last phase of Goguen is the Alonzo update. This upgrade is expected to provide smart contract functionality. The Plutus platform is responsible for enabling this upgrade’s development.
Additionally, Cardano developers have come up with a method of minting and selling NFT collectibles without the smart contract functionality.
ADA Could Hit $2 Because of DeFi Growth
Over the past 14 days, Cardano’s gains have grown nearly 10%. The important $2 mark is only $0.6 away. Given its current growth rate, the ADA will pass this $2 mark soon.
Something else that could promote growth is another DeFi summer. Going by the 2020 DeFi summer, the DeFi markets may reach new highs this year. As a matter of fact, ADA’s one-year gains are currently at 3,490.8%.
One expert believes that the Goguen phase’s final stages will introduce a number of existing DeFi trends onto the network. These include automated market makers as well as lending markets.
With Cardano’s use cases and its Alonzo update, the cryptocurrency may well become an alternative platform to Ethereum. Ethereum has always been the king in the DeFi ecosystem. Cardano is choosing to take a positive approach as far as this narrative is concerned. They say they are more interested in offering world-class components and less interested in market share competition.