Cardano has successfully completed the Alonzo hard fork, marking a major milestone for the popular proof-of-stake blockchain.
Launch of Alonzo Hard Fork
The Alonzo hard fork, initially scheduled for late August, was delayed to allow some centralized exchanges more time to prepare. It has now been successfully completed.
Transition to Voltaire Era
The hard fork has transitioned Cardano to the Voltaire era, an era of decentralized governance. The upgrade is named after Phil Inje Chang, the late product manager at Input Output responsible for Voltaire's development. The hard fork has activated Plutus v3, bringing advanced cryptographic primitives, improved performance, better smart contract efficiency, and governance integration.
Community Reaction and Market Status
During a recent livestream, Cardano founder Charles Hoskinson said that the community is now 'in the driver's seat.' 'Together, as an ecosystem, we gonna have to figure out the future,' he added. Hoskinson stressed that the Cardano community should be judged by its merits. 'Now, they have to judge Cardano based upon the merits of the community that can take a flag to Mount Everest; they have to judge it on the merits of a community that has more PhDs in it than any other one combined.' Despite the excitement surrounding the upgrade, ADA price is down 3.1% over the past 24 hours. The token remains in 12th place by market cap.
The Alonzo hard fork marks a significant step for Cardano, activating Plutus v3 and initiating the era of decentralized governance. Despite a drop in ADA's price, the upgrade enhances the network's scalability and interoperability.
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