This week, the team worked on the chain database and explored its structure to integrate the hard disk interface within the initialization phase. They worked on improving database initialization tracers and UTXO HD properties. Finally, the team created instructions for SPOs in preparation for the semi-public P2P testnet release, and worked with technical writers on the new blog post announcing this.
What is so good about Polkadot?
Polkadot is a unique new blockchain that attempts to solve the interoperability problem. Polkadot can theoretically handle huge numbers of transactions through a process known as sharding. Scalability has been a major barrier for crypto. Polkadot has inked valuable partnerships with Chainlink and Ankr.
Finally, Ethereum-inspired crypto borrowing and lending platforms like Aave have seen over $18 billion in total deposits during the same period. The proposal will trigger the third and final hard fork combinator event on September 12th, resulting in the full implementation of smart contract capabilities on the Cardano blockchain. In August 2021, Cardano’s ADA cryptocurrency became the world’s third-largest virtual currency by market capitalization, behind Bitcoin and Ethereum. It broke the $3 mark for the first time in early September, as excitement grew ahead of the smart contract launch. IOHK, the blockchain company behindCardano has confirmed that its systems go for the Alonzo Hard Fork upgrade.
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This innovative Alonzo network upgrade is a key step as the project moves towards the full launch release date in August. Get smarter with context and commentary on the week’s top blockchain & crypto trends in Asia. According to data, the rally back towards $2.80 was triggered by momentary FOMO from the market, and historically, such rallies have always led back to a position of lower lows in the charts. Right now, the asset was valued at near $2.60, which can be inferred as bullish momentum currently fading off in the market. Crypto Analyst and Technical Writer Nancy is a successful crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends. For Cardano to remain bullish, it needs a daily close above the $2.68 resistance level.
Note that Green correctly predicted that the Cardano price would reach $3 last week. Other analysts are even more bullish with figures of $5 to $7 being mentioned by end of year. Other users are however bullish on Cardano with Glauber Contessoto, a Dogecoin millionaire, saying that he was ready to go “all in” on Cardano and that he has plans to be its AD’s biggest fan.
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Moreover, on-chain metrics for ADA also suggest that this move is possible. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
The world’s largest crypto exchange, Binance, has announced that it will support Cardano’s upcoming network upgrade. Trading volume on the platform recently surpassed six figures per day.
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The number of states finding the variant is growing as well, with Massachusetts and Washington state announcing their first cases Saturday, a day after Georgia, Pennsylvania and Maryland reported their first confirmed cases. Indian Prime Minister Narendra Modi meets with Russian President Vladimir Putin on Monday to discuss defense and trade relations as India attempts to balance its ties with the United States.
Will Polkadot overtake Ethereum?
On paper, Cardano or Polkadot appear far superior to Ethereum, due to their newer technology and architecture. … Polkadot, being the 6th largest cryptocurrency by market cap, has some dApps being built on the network, but not anywhere near Ethereum’s number.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Questioning an investing thesis – even one of our own – helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. As the old investing saying goes, “Buy the rumor, sell the news.” Looking back, it was clear that the Alonzo fork was such an event. But now that the news has been sold, it’s time to look forward and find out if there’s a recovery inbound. However, competitors like Ethereum have shown that it takes only a short time for emerging cryptos to play catch-up. The network is likely to get heavier because people are testing everything and that’s fine. Many analysts tip Cardano as a token with significant future upside potential.
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Dalton Del Don analyzes every fantasy result from Sunday action, including George Kittle’s monster game. Watt’s dominant day, Week 13 featured several marquee performances from some of the NFL’s brightest stars. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade.
However, analysts believe that the ADA price would reach new highs once new Dapps and NFTs start making their way into the ecosystem. Cryptocurrency exchange FTX has introduced the first phase of Ethereum-based non-fungible tokens to its native NFT marketplace.
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Next, there’s DEX Uniswap, which is also built on the Ethereum blockchain. The volume of crypto trading what is a hard fork on the platform has surpassed $900 million per day even though Uniswap only went live late last year.
This indicates that the sellers are attempting to regain control of the market momentum. This is followed by $2.70 (20-day MA), $2.95 (1.272 Fib Extension) – $3.00, and $3.20 (1.414 Fib Extension). ADA fell from near $3 last week to spike as low as $1.97 (.618 Fib) during the flash crash. By the end of the week, ADA had established support at $2.35 (.382 Fib) and rebounded from there over the weekend. Finally, they replaced cardano-ledger types with cardano-api types in most parts of the codebase.
The Cardano community now has renewed confidence in its smart contract launch on the mainnet following the updated announcement and the price rally. It is evident from a bet on the launch of smart contracts on the Cardano network. In an open-betting pool on Polymarket, a global information markets platform, 81% of the participants are in favor of Cardano’s mainnet launch. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. With more than $400 billion under the hood, the ethereum market is by far the largest smart contract platform today in terms of fiat valuation.
- This indicates that the bears are starting to gain control of the market momentum.
- Alonzo hard fork is one of the most anticipated events in the crypto world.
- “That’s probably the most significant change in the history of the protocol,” cardano founder Charles Hoskinson told Insider in a recent interview, in reference to the recent upgrade.
- ADA price is still in a downward trend after the crash that rocked the market on September 7th.
- Alonzo Purple, the most recent, launched in its testnet phase earlier this month, which saw the native currency of the network — ADA — surge more than 20% in 24 hours.
Automated market maker Cardaswap will get bridged to the Cardano blockchain after successful completion of the Alonzo hard fork. Alonzo hard fork is one of the most anticipated events in the crypto world. Cardano investors are explicitly going to benefit vastly, especially with the increased network traffic caused by Defi development. The past seven-day data shows that the coin gained over 50% in price and a 15% gain in 24 hours. All the nodes that are involved in the network maintenance will have to ‘agree’ on this transition to a new protocol, that is, they will need to reach a consensus.
This upgrade introduces a versatile platform opening up opportunities for businesses and developers, by allowing the creation of smart contracts and decentralized applications for decentralized finance . Recently, the actions that followed Ethereum launching the London hard fork should give Cardano investors hope for a better time. The crypto could follow the course and probably surpass the $5 long-term resistance since the activities will vastly increase in Cardano. Many analytical platforms predicted that ADA could reach $5 and $10 in 5 to 10 years. However, once smart contracts are available, ADA could surpass $10 as early as 2025. The prices of the Cardano currency are likely to increase even further, especially as the launch of smart contracts edges closer. ADA’s steady rise started mid-July and is most likely because of the impending hard fork.
Author: Samantha Yap