Cardano Unveils Alonzo Testnet in Dawning of Smart Contracts
Input-Output Hong Kong, one of the companies behind the Cardano blockchain, has unveiled its plan for the rollout of its new smart contract platform on May 27. Alonzo will be implemented in September 2021 as the next step in a series of upgrades to the blockchain. It is a hard fork that consists of a series of color-coded testnets.
IOG has started the Alonzo Blue test, which will bring new features like smart contracts on the Cardano network and a decentralized finance ecosystem. Alonzo marks the end-stage of the network’s “Goguen” era.
The effort will take several months to be fully functional, with a plan to bring more users once more testnet functionalities and features are integrated. IOHK said that it would reveal more soon.
Key Network Functions
In June, the initial phase will be carried out with a pioneering working group, initial partners, and a turnaround with key stakeholder operators. The test network will verify the essential functions of the network.
Alonzo Blue will have the initial exercise in this test phase with the Hard Fork node to Alonzo and the first distribution of ADA to Plutus simple script share operators.
The Alonzo upgrade will enable Cardano to compete with other decentralized finance ecosystems like Ethereum, Binance, Solana, Polkadot, etc.
IOG will also launch Alonzo White at a later date. Several partners will be involved, demo dApps, integration with WBE and PAB, benchmarks, and more participation from around 500 community members, pioneers, stake pool operators (SPO).
This testnet will enable partners and pioneers to run their scripts on the network using the initial benchmarking basic dApps for versions of Uniswap and stablecoins. Alonzo White will also launch the first exchanges integrated with the Rosetta framework, a mechanism formed by Coinbase to simplify adding tokens to these platforms.
Alonzo Purple will also launch the first public testnet with all Pioneers “onboarded” with the partners dApps in August. During this phase, Daedalus Flight and Explorer elements will be tested along with the platform’s stability.
Cardano has been doing quite incredible this year, with many new investors flocking to it. Its price has found significant resistance after overcoming last week’s low. ADA is trading at $1.5498, which is almost 16% below its highest level this week. It was still over 50% above the lowest level last week.
As an option to Ethereum, some analysts are hopeful that its new features will make it a popular platform of DeFi, though that remains to be seen.