Crypto is finally picking back up among investors once again. For the first time since mid-spring, the prices of crypto are pushing up massively. Not only this, but developers are starting to push out new products on a widespread level. Cardano (CCC:ADA-USD), one of the largest cryptocurrencies by market capitalization, is one such company. With the rollout of its new smart contract support, the value of the Cardano crypto is heading up.
Cardano’s newest upgrade will be the third and final of a series of upgrades to support a significant new feature. The Alonzo Purple upgrade will see the full rollout of smart contracts on the Cardano network. Smart contracts will allow the Cardano network to facilitate transactions without the need for third parties. As such, the company will be able to dip its toes into things like non-fungible tokens (NFTs), and its ability to process transactions will be sped up significantly.
Cardano Crypto ADA Swings Upward Ahead of Alonzo Purple Upgrade
Smart contracts are huge for a blockchain network because they add a layer of versatility and efficiency to the chain. Because of this, the announcement of the Alonzo Purple upgrade is some of the most talked-about news in the crypto world. Investors are clamoring for the date of the upgrade.
Well, Charles Hoskinson says you will have to wait just a little while longer for the exact date of the upgrade. Hoskinson, the founder of the Cardano network, took to Twitter yesterday to tease some details about the upgrade; most importantly, he gave us a date for the big reveal.
August 13, which is this Friday, will see the development team reveal the exact date, which will be delivered in the form of a hard fork just like Ethereum’s (CCC:ETH-USD) recent upgrade. He offered up a vague timeline for the event ahead of the more precise announcement; as we know now, the Alonzo Purple fork will occur before the 2021 Cardano Summit, which will take place in September.
The news is doing well to lift ADA’s price this morning. The Cardano crypto is lifting itself up by 13% on today’s trading session, and volume is up 100%.
On the date of publication, Brenden Rearick 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.