Cardano (CCC:ADA-USD) is preparing for its Alonzo hard fork and there are a few things crypto traders need to know about ADA that are subject to this change.
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Let’s dive into the Alonzo Hard Fork below!
- First of all, it is important to understand that Cardano has set timeframes for its development.
- These different time periods contain different priorities for the further development of the network.
- They are called by the crypto era and ADA has five of them in total.
- They are Byron, Shelley, Goguen, Basho and Voltaire.
- Cardano is currently in the Shelley era, but it’s nearing the end.
- Goguen will start when the company introduces smart contracts.
- These are codes that work by themselves when certain conditions are met.
- The Alonzo Hard Fork will give everyone the opportunity to introduce their own smart contracts into the blockchain.
- The exact date when this will happen is unknown, but Cardano is aiming for the third quarter of this year.
- It’s also worth noting that the Alonzo Hard Fork will also take place in three main stages.
- These are called Alonzo Blue, Alonzo White and Alonzo Purple.
- At each of these phases, the tests for smart contracts will expand as more developers join.
- This allows developers to find and remove bugs on the blockchain before the official transition to the Goguen era occurs.
- Crypto traders step in before the change in ADA.
- In the past few weeks we have seen the ADA increase steadily as there is higher trading volume.
ADA was largely still for a 24 hour period on Wednesday morning.
Investors looking for more crypto news will want to stay here!
We have the latest news that crypto traders need to know about. This includes that ADA may rise after the Alonzo hard fork, in comparison Ethereum classic (CCC:ETC-USD) to ether (CCC:ETH-USD) as well as further profit potential for ETH. You can read all of these stories at the links below!
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On the day of publication, William White had no positions (either directly or indirectly) in any of the securities referred to in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2021/08/ada-crypto-15-things-to-know-ahead-of-the-cardano-alonzo-hard-fork/.
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