Co-founded by Charles Hoskinson, a mathematician and former CEO of Ethereum, the Cardano network is seen as a serious rival to the Ethereum blockchain, which currently dominates the DeFi services market. According to CoinMarketCap, the ADA coin rose from $1.70 (Rs 126) on August 10 to $2.58 on August 20. Whereas at the time of writing this report, the price of Cardano (ADA) in India was around Rs 218.
The lack of smart-contract functions is widely seen as one of Cardano’s biggest drawbacks and their availability is Ethereum’s biggest strength. These contracts are a way to ensure that agreements are validated securely. Earlier this month, the development team behind the Alonzo upgrade announced the launch of the publish testnet, saying it was an “exciting and important next step” in Cardano’s journey.
This is an exciting and important next step in the #Alonzo journey. In fact, the #Cardano journey. With the support of our OG community testers on the Blue & White phases, #AlonzoPurple will be the first fully public Cardano testnet to support #smartcontracts ????
— Input Output (@InputOutputHK) August 6, 2021
Despite the rally and the prospect of an upcoming upgrade, some have expressed doubts about the success of Cardano Coin. This prompted Hoskinson to respond to detractors in a tweet earlier this month, promising to launch a fund to pay for critics’ corrections.
It’s extraordinary to me the level of skepticism about our upcoming smart contract launch. It’s not something like SCs will be underwhelming, but rather it simply won’t happen. The critics say it with biblical level certainty. We should start a fund to pay for their therapy
— Charles Hoskinson (@IOHK_Charles) August 4, 2021
Meanwhile, recent rallies in Bitcoin, Ether, Cardano (ADA) and others gave the cryptocurrency market a market-cap of $2 trillion (about Rs 1,48,50,910 crore) for the first time since the market crash in May and a Helped me to cross the milestone.<!–