Smart contracts in the Cardano network is finally here! With the Alonzo Hard Fork Combinator (HFC) event on 12 September, the network is finally geared up to support smart contracts. Now that it has been a few days after the hard fork, we can look back and observe what happened. Did everything go as predicted? Read on to find out.
Prices plunged as predicted when short term holders sold their coins to realize gains. Surprisingly however, the plunge looked like it was just a regular one as the entire crypto landscape went down at the same time.
It should be noted that price did not go down significantly as a floor was reached around 2.32 USD before bargain hunters started buying more. For the past few days, price has been hovering in a narrow band between 2.35 and 2.40. Today there was a breakout up to 2.55 as of this writing. We will know in the next few days if this is temporary or if this is the start of another bull run.
As expected, critics of Cardano were momentarily silenced as the network celebrated the arrival of smart contracts. One critic who bet 50,000 USD that Cardano will still not have smart contracts come October was gracious enough to pay up. A donation was thus given to a charity of Charles Hoskinson’s choosing.
Back With A Vengeance
Nevertheless, the silence was only temporary and after a few days, the trolls came back with a vengeance. Now that Cardano has smart contracts, critics changed tactics and claimed that Cardano don’t have a working product and no one is developing on it. Anyone who has seen the project map of Cardano knows this is an exaggeration. I guess critics lost face when Cardano delivered smart contracts so they needed to attack something else.
Make no mistake. The arrival of smart contracts is only the beginning. The true test of whether Cardano can hit the mainstream is when all the announced projects start going live. These projects will potentially take transactions from other networks due to Cardano’s robust architecture and cheaper fees. This explains why Cardano is getting hate— because a lot of people are highly invested in other networks.
To be honest, the rise of Cardano will benefit all of crypto as Cardano is developing bridges to other networks. A fully connected crypto landscape can only strengthen the entire ecosystem and will encourage everyone to improve their networks. In the end, consumers can have their pick between cryptocurrencies with faster networks, higher throughput at lower fees.
In summary, after all is said and done, the actual go live of smart contracts in Cardano only marked the start of a new beginning. The real impact of the September 12 event will be more felt in the months and years to come as each project goes live. So far, the team at IOG has been consistent in delivery. They may be a bit slow in execution in the past, but this is justified with the quality of delivery. Turning on staking, decentralising the network and now smart contracts live have been non-events as they should be for well researched, well tested implementations.
WISH Pool just purchased additional protection equipment in the form of uninterrupted power supply for our bare metal servers. Despite this, we still went ahead and gave another donation to our adopted charity (Akaraka). Hopefully our small but consistent contributions can go a long way.
If you like this article, we would greatly appreciate if you delegate your ADA to WISH Pool. You will be earning interest rewards while indirectly helping the lives of disadvantaged children. This is because WISH Pool pledges to give at least 10% of its own profit to educational charities so that successful students can help get their families out of poverty.