Cardano’s cryptocurrency, ADA, hit its all-time high this morning at 7:39 am. The currency rose by 18.5 percent within 24 hours, from 1.08 to 1.28 euros.
Overhauled since February
It is equally quiet around the Cardano course. In February, ADA was the talk of the town with a 350 percent increase. This increase was due to Cardano being updated to Mary, which finally came out in March. This update allows Cardano’s blockchain to handle multiple cryptocurrencies. Crypto France is popular.
But since then, the currency has been bobbing sideways, showing no high peaks or deep lows. Because of this, the coin was overtaken by Ethereum, Binance Coin and of course Dogecoin. Even Polkadot was slightly above Cardano in terms of market capitalization.
Collaborate in Africa
Cardano’s renewed momentum can be attributed to IOHK’s recent partnerships in Africa that have garnered significant media attention. IOHK is the company behind the development of Cardano’s blockchain. If you’d like to learn more about Cardano’s efforts in Africa, read this article.
Alonzo brings smart contracts
As mentioned, the run-up to Mary in February was responsible for the price increase. Something similar is on the short-term roadmap: The upcoming Alonzo upgrade will provide a platform that can leverage smart contracts within the Cardano ecosystem.
The smart contracts in Cardano have been redesigned to be secure and mathematically verifiable. According to Cardano itself, this emphasis on security costs costly hacks and bugs to be avoided. Bad smart contracts have caused uncertainty and lost coins, especially in many DeFi projects. Netherlands cryptocurrency is popular.
The development of Cardano can be divided into five major chapters. At the moment we are working on chapter 3 called Goguen. Alonzo can be seen as a paragraph within that chapter. Goguen focuses entirely on getting smart contracts working on Cardano.
The next step will be making Cardano scalable. There are many blockchains out there that are antagonizing users due to their own popularity. A good example is Ethereum. There are many popular projects on Ethereum, but because the blockchain is not scalable yet, transaction costs have risen very quickly. Fortunately, they are also busy at Etheruem and they are working hard on updates.