Cardano (ADA) Overcomes Setbacks to Hit New Milestone

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Altcoins
Cardano (ADA) Overcomes Setbacks to Hit New Milestone

Cardano (ADA) looks to be on course to become the world’s number one blockchain for decentralized applications (dApps) development. In the last 30 days alone the number of new smart contracts based on Cardano’s newly launched Plutus platform surged from 897 to 969, a strong indication that more and more developers are now trooping to the network.

Cardano Sees Increased Developer Activity

Despite having a dedicated and highly reputed development team, Cardano (ADA), a multi-purpose distributed ledger technology (DLT) network is arguably one of the most criticized projects in the blockchain industry, with some of its critics describing it as a ‘ghostchain’ without real users or purpose.

However, in spite of these negative vibes, the Cardano project has managed to maintain its position among the top 10 blockchain projects over the years and it now appears the blockchain network is set for exponential growth in 2022 if the latest development in the Cardano camp is anything to go by.

It will be recalled that the Cardano team successfully completed the Alonzo update in September 2021, empowering the network with smart contracts capabilities and decentralized applications (dApps) development. Indeed, the Alonzo era has proven to be the gamechanger for Cardano, as the number of smart contracts on Plutus has risen to 969 in 2022 from just over 896 in December 2021. 

For those who are unaware, Plutus is Cardano’s smart contracts platform. It enables developers to write dApps that interact with the Cardano blockchain

A Happy Hoskinson

Commenting on the impressive milestone, Charles Hoskinson, the CEO of Input Output Hong Kong (IOHK), the organization in charge of Cardano, noted that the initial delays in implementing the smart contracts feature attracted a lot of bad energy, however, he is now delighted that the effort of the team has finally paid off.

In his words:

“We had to rewrite the software three times, there were major changes in architecture and vendors. There were approaches taken that didn’t work out, there were of course delays.”

With Plutus now fully functional, the focus will now be to bring cost-efficient DeFi to Cardano and a good number of projects, including SundaeSwap, Liqwid, MinSwap, Ardana, and others, are gearing up to make that a reality.

At press time, the price of ADA is hovering around $1.27, with a market cap of $42.80 billion, according to CoinMarketCap.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.