Cardano to launch Smart Contracts and dApps in the Coming Months

• Charles Hoskinson had an exclusive interview with Crypto Briefing to discuss its future plans
• Cardano is aiming to launch hard fork Alonzo to introduce smart contracts
• Betterment of the ecosystem is in development through new dApps and use cases
• 24 dApps to shift from Ethereum to Cardano

What is Cardano?

Cardano is a decentralized third-generation proof-of-chain blockchain network with its own cryptocurrency by the name of ADA. It has a market capitalization of more than $50 billion and consists of a peer-reviewed academic approach.

It was founded by Charles Hoskinson in 2017, who is also the co-founder of Ethereum. It uses Ouroboro’s proof of stake algorithm to create blocks and validate transactions occurring on its blockchain.

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Its latest upgrade was in Goguen technology which aims to bring new blockchain functionalities through a series of hard forks.

Hardfork Alonzo and Smart Contracts

Cardano aims to launch the hardfork Alonzo, enabling the developers to build smart contracts on its blockchain.

Hoskinson considers it the ideal model for smart contracts after researching it for four years and undertaking numerous developmental efforts.

Initially, the Pioneer Testnet would be launched for two months and feature freeze at the end of June, enabling it to develop smart contracts on the mainnet.

Cardano has also decided to launch Plutus Pioneer Program, which gives training to over 1000 developers interested in designing dApps on Cardano.

Future of Cardano’s Ecosystem and Use Cases

Cardano aims to have the NFT marketplaces, DEXs, stablecoins, and oracles, which are easy to replicate and are in the formalization stage.

It also has a project with Runtime Verification that is writing all the blueprints for DeFi primitives on Cardano like Uniswap, Sushiswap, etc.

These would be faster, better, cheaper, and more predictable than those on Ethereum, as claimed by Hoskinson.

Cardano has $250 million available for funding about 100-200 ventures in the next 3 months for dApps, including migrations.

Apps coming from Ethereum to Cardano

Arrangements are being made for 24 Ethereum apps to come on over to Cardano because these projects want to become multichain and would fully migrate to Cardano within six months.

They need the Alanzo Testnet to run on, which is in the final stages of development in Cardano.