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In early September, the Cardano network is projected to complete a hard fork upgrade termed “Alonzo Purple”, that will bring smart contract DeFi capabilities and non-fungible tokens (NFTs).
Cardano tokens have been surging off the news, from $1.25 to $2.17 at one point over the weekend.
The upgrade could also allow the utilization of ERC20 tokens (ie. any Ethereum network based tokens) on the Cardano blockchain.
Ethereum has recently been trading higher, in part due to an upgrade of its platform in early August. Trends Journal readers were alerted to that upgrade and the potential upside for Ether in “WHAT ETHEREUM UPGRADE TO PROOF OF STAKE MEANS” (15 June 2021) and other articles.
“We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator event,” the network’s governing group tweeted.
Cardano is currently not fully decentralized in governorship via voting of all node operators, the way bitcoin is, for example. But the crypto project has said it will eventually move to a fully decentralized consensus network in the future.
The Cardano group noted that partners are already designing dApps (decentralized applications) to take advantage of Cardano’s upgrades.