Cardano rises in anticipation of smart contract functionality

Cardano’s native token (ADA) rose to a two-month high this week, in anticipation of the final launch of the network’s smart contract capability.

ADA, which is already the fifth largest cryptocurrency by market capitalization, has risen more than 20% in the last 24 hours. token is currently trading at $ 1.88, a price level not seen since the first week of June. Also, in the last week, the ADA has risen 36.5%.

Update announcement

This result follows a recent announcement by Cardano founder Charles Hoskinson. Yesterday it announced that it would reveal the date when smart contracts will be launched on Cardano’s core network this Friday.

“We will be able to announce when the Alonzo hard fork will take place and at that time … execute smart contracts on Cardano,” She said Hoskinson. He also added that his team will implement the hard fork ahead of the Cardano Summit, scheduled for September.

Cardano Difference

Cardano seeks to establish itself among its competitors as a platform developed through peer-reviewed research. It uses a team of engineers and academics who have published more than 100 scientific papers on the underlying technology. In particular, its goal is to address scalability and other issues inherent in its predecessors. Hoskinson also frequently emphasized the company’s motivating development goals.

For example, in a recent interview with Bloomberg highlighting Cardano’s work in Ethiopia, Hoskinson highlighted his company’s commitment to human rights. “We are a great advocate for quality human rights,” he said. For this reason, he says it would not make sense to build identity solutions in countries that “have a burdensome history of very significant institutional violations.” In these cases, he believes that the solutions can be abused by the State against the population.

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However, despite its ambitious intentions, Cardano experienced delays in the implementation of key features, such as smart contracts. But with the launch imminent, Cardano may finally be ready to compete with its peers.

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