Cardano (CCC:ADA-USD) is preparing for its Alonzo hard fork and there’s a few things crypto traders need to know about ADA undergoes that change.
Let’s dive into the Alonzo hard fork below!
- First off, it’s important to understand that Cardano has set periods of time for its development.
- These different periods include various focuses for moving the network forward.
- They’re called eras by the crypto and ADA has five of them in total.
- They are Byron, Shelley, Goguen, Basho, and Voltaire.
- Cardano is currently in the Shelley era, but it’s approaching the end of it.
- Goguen will start when the company introduces smart contracts.
- These are codes that operate on their own when certain conditions are met.
- The Alonzo hard fork will add the ability for anyone to introduce their own smart contracts to the blockchain.
- The exact date for when this will happen is unknown but Cardano is aiming for the third quarter of this year.
- It’s also worth pointing out that the Alonzo hard fork will also happen in three main stages.
- These are called Alonzo Blue, Alonzo White, and Alonzo Purple.
- Each of these stages will see the tests for smart contracts expand as more developers are brought in.
- This allows developers to find and remove bugs from the blockchain ahead of the official switch over to the Goguen era.
- Crypto traders are jumping into ADA ahead of the change.
- Over the last couple of weeks, we’ve seen ADA steadily increase as higher volume trading takes place.
ADA was largely unmoved over a 24-hor period as of Wednesday morning.
Investors looking for more crypto news will want to stick around!
We’ve got all the latest news that crypto traders need to know about. That includes ADA potentially soaring after the Alonzo hard fork, comparing Ethereum Classic (CCC:ETC-USD) to Ethereum (CCC:ETH-USD), as well as more potential gains for ETH. You can read all of these stories at the links below!
More Wednesday Stock Market News
- Cardano Will Surge to New Highs After the Alonzo Release
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.