Cardano to Enable Users Execute Smart Contracts Once the Hard Fork Launches

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Cardano to Enable Users Execute Smart Contracts Once the Hard Fork Launches
Cardano to Enable Users Execute Smart Contracts Once the Hard Fork Launches

Cardano announced that after the Cardano hard fork, users will be able to deploy smart contracts. According to Cardano founder Charles Hoskinson, most of the upcoming upgrades will take place between August and September of this year.

Cardano CEO Admits Much Work Needs to be Done

In addition, Hoskinson recently spoke about the Cardano update on his YouTube live broadcast. He shared a few things about the upcoming Alonzo hard fork, saying:

“We are on schedule, things are moving along, chugging away.”

In addition, the ADA founder also spoke about the requirements needed to update the fork. He admits that there is really much to be done.

“There are kind of two parallel tracks going on at the same time for the launch of Alonzo, track number one is the hard fork combinator event, strictly about getting Alonzo capabilities to the node the other track is about building the infrastructure around that node that allows you to run both off-chain and on-chain code and build full dApps.”

Hoskinson apparently expects most of the development infrastructure to be ready between August and September. However, since the hard fork has appeared in the Cardano infrastructure, users can execute smart contracts.

However, this update provides a better environment for Cardano application development and deployment.

Eventually, Hoskinson expects the entire Cardano to expand its international adoption efforts through the upcoming fork. He believes that as soon as the smart contract comes,

“The dApp ecosystem used for this will grow significantly so that people will be doing things on the blockchain on Cardano from day one. The complexity of these things and the interfaces of these things will only change over time. “

ADA Price Analysis

Cardano, like Bitcoin, pulled back from the weekend’s high of nearly $1.4. The correction is drastic but short-lived as the lower bound of the rising parallel channel has helped the bulls. The 50 SMA on the 4-hour chart reinforces that support and allows buyers to regain control.

At the same time, Cardano is trading at $1.32 as the bulls battle for profits above the middle line of the channel. Note that trade above this level can raise the ADA to $1.5, bringing it closer to $2.

The rebound of the Relative Strength Index (RSI) from the centerline indicates that the downtrend has subsided and the current uptrend is starting.

ADA/USD price chart

ADA/USD 4H Chart. Source: Tradingview

On the flip side, the MACD has a slight bearish momentum and if welcomed it can trigger more sell orders. The breakthrough under the above support will leave ADA vulnerable to losses. The $1.2 and $1 area must come in handy in avoiding the potential damage that shorts can cause.