Cardano (CRYPTO: ADA) is launching smart contracts on the blockchain on Sunday, September 12 at 21:44:51 UTC with the implementation of the Alonzo hard fork.
What happened: Caradano currently ranks as the third largest blockchain based on market cap, behind Ethereum (CRYPTO: ETH) and top cryptocurrency Bitcoin (CRYPTO: BTC). The launching of smart contracts on the Cardano blockchain sets the stage for direct competition with Ethereum which has utilized them since 2015.
The Alanzo hard fork may go live with only a “few toy smart contracts” which have been developed by Cardano’s creator Charles Hoskinson, according to a report from Decrypt.
Why It Matters: The price of the Cardano blockchain’s ada token hit an all-time high of $3.09 on September 2 in anticipation of the launch of smart contracts. Although ada’s price came down to $2.02 after the price of Bitcoin and Ethereum experienced a sudden drop last week.
Ada’s price is $2.66 at the time of publication, as critics voice concerns about potential complications in the implementation of smart contracts on the blockchain.
Hoskinson sent a tweet ahead of the hard fork implementation, saying it is the beginning of a new stage of development for the Cardano blockchain.
Tomorrow is the big day! We are entering a new Era of Cardano.
— Charles Hoskinson (@IOHK_Charles) September 12, 2021
