ADA Makes The Grade (Smart Contracts For 3rd Largest Cryptocurrency)

Posted 5 mins ago | by Catoshi Nakamoto

In my formative years, I remember being nervous and having butterflies in my stomach before my first day of school.

I’d ask myself “Who’s my teacher going to be? Will I have any friends in my class? How much homework am I going to have?…”

These questions always seemed to work themselves out in due time, but the uncertainty is what bothered me the most. This is what Cardano must be feeling at the moment while smart contracts are rolling out. It’s a formative time for the third-largest crypto out there.

Many traders expected the rollout of smart contracts to be a catalyst to IMMEDIATLEY take Cardano to new higher all time highs but not so fast. There’s still a lot of work yet to be done.

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Let’s get it.

Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video we will discuss recent Cardano news including the roll out of the final stage of the Alonzo hard fork, new Cardano NFT’s, staking and how the introduction of smart contracts to the vast Cardano eco system will ultimately propel ADA into unchartered territory.

200 years after British mathemetician Ada Lovelace was born, Cardano was founded in 2015 by Charles Hoskinson and Jeremy Wood; a product of the *IOHK

research and development company. (It was officially launched two years later in 2017.) Rather than having a “white-paper”, Cardano is the first blockchain platform to evolve out a scientific philosophy and “research first” approach. This “peer review” system implements design principles to overcome issues such as scalability, inoperability and regulatory compliance.

This progress didn’t happen over night.

Learning from the mistakes of its competitors, ADA started off using a proof-of-stake consensus rather than the energy intensive proof-of-work. Charles Hoskinson claims “Cardano uses just 6 gigwatt hours of energy annually-not even 0.01% of the 115.85 terawatt hours Bitcoin is estimated to use.” The groundwork leading up to the Alonzo hard fork started with the Byron Reboot in March of 2020. This reboot “laid the foundations for the network by providing a robust and scalable codebase to build on.” A few months later in July of 2020, the Shelly Update “shifted Cardano from a federated model towards a decentralized one.”

On January 1^st, 2021, Cardano was valued at 0.1777, A $1,000 dollar investment on that day would be worth $13,449.63 today. Since the end of March 2021, a decentralized network from a community of 2,868 staking pools has produced every Cardano block. According to statistics from the Cardano data aggregation tool Pooltool.io, there are currently 830,909 wallets currently staking ADA. That’s a 35% increase since June. 71.4% of the entire ADA supply is currently being staked, valued at 59.8 billion dollars.

**If you want to stake your ADA with the only Bitboy approved staking pool, click the link in the description to find instructions on how to put your ADA in the Bitpool.

Following the Shelly Update came the “Mary Hard Fork”, a part of the Goguen rollout. This brought new Features and functionality through the availability of native tokens and the multi-asset ledger. This also allowed NFTs to be minted without smart contracts.

All of these previous updates laid the groundwork for the Alonzo Hard Fork. This most recent update was also named after a mathematician, and American pioneer, Alonzo Church.

Over the past few months, Alonzo rolled out in several phases: Blue, White, Purple, Red, Black, Staging and finally, the main net just rolled out on September 12^th. This marks the completion of the Alonzo hard fork and signifies the end of the Gougen era. This enables smart contracts to be written for Cardano using Plutus scripts. Plutus is built on the functional programming language Haskell and introduces the Extended portion of Cardano’s Extended Unspent Transaction Output (EUTxO) framework.These smart contracts allow developers to build DeFi apps that enable the lending, borrowing and trading of assets without the help of

centralized intermediaries such as banks. Now, using the “Plutus script token factory”, developers can now create NFTs. These first non-fungible tokens made with this new feature, named: Kevin, Charles and Tim, were created immediately after activating the functionality of these smart contracts. Other notable NFTs on released Cardano include Zombit, Cypherkicks, Spacebuds and Clay Mates. For a list of more Cardano NFTs check out cardania.com

My favorite of the new batch of Cardano NFTs has to be Clay Mates. Reminiscent of MTVs “Celebrity Death Match”, this set of 10,000 handmade algorithmically assembled characters

are the first stop-motion NFTs on Cardano. Clay Mates also donated $6,000 dollars to @endofound, “a foundation that provides support to those living with Endometriosis who fund vital research into the illness while raising awareness.”

But here is a pop quiz. How many dapps are available on Cardano? If you can’t think of any then you may just be working for Decrypt who put out an article the other day asking if Cardano had any DAPPS ready to use smart contracts. Charles was incredulous and the Cardians on twitter quickly put together this detailed report card of the entire Cardano Ecosystem. This list is impressive and shows that Cardano isn’t just an NFT platform, it’s a full suite of blockchain technology that’s ready to disrupt many industries. But Charles and IOHK know that while this is a big step for Cardano…all of crypto is still niche. It’s that weird kid in the computer science lab who swears he can hack the CIA. Crypto needs it’s Wifi moment.

The thing that made the internet useable for the masses and sped up adoption. Charles sees a future where cryptos are seen less like brands and more like a wifi router. In an interview with Business Insider, Charles looked into the future “You’re not asking – ‘is this a Samsung router? Is this an Apple router?’ and my hope is, that’s what’s going to happen in the industry, where cardano is infrastructure, ethereum is infrastructure, bitcoin is infrastructure,”. Charles sees a more consumer friendly crypto future that just works. Which is part of why he and IOHK have adopted the scientific approach to development instead of the Ethereums “move fast and break things” mantra taken from Silicon Valley. Before class is dismissed, I want to take a moment to get real with all the members of the ADA gang. If you truly believe in Cardano and this ever-growing eco system, it’s important that we remain PATIENT and to not let the FUD get into our heads. Like we have said for months on this channel “Don’t sell your BTC/ETH”, “Don’t sell your ADA/ XRP” I stand by that statement today. You can only lose if you sell the bottom. Avoid selling the bottom by staying up to date with the latest crypto news by smashing that like and subscribe button.

When these shake outs keep happening over and over; understand that the institutions and the financial cartels are intentionally suppressing the prices to get YOU OUT before the bigger pumps. They want you to sell. I know that countless traders believed that the price of ADA was going to spike upwards on September 12^th after the roll out of the Alonzo main net… You probably already know, this did not happen. In fact, we have seen a pull back since then. But it’s OKAY! Charts go up and down every day; this is healthy market activity. Focus less on the daily/ hourly charts and more on the big picture. This is only the beginning for Cardano! Don’t give in to your emotions in the world of trading. Decisions based on fear are commonly referred to as mistakes. The most experienced traders learn to counter-trade their emotions because it’s at the bottom of the chart, where it seems the most miserable and depressing…THAT’S where you’ll find the best possible entry. Just like me waiting for the bus, nervous before my first day of school, asking myself all those questions…Sometimes we don’t know the answers to the questions in the forefront of our minds. In today’s digital age; instant gratification seems to always take priority over patience; but in the world of crypto assets, patience is the virtue that separates the weak hands from the gains.

That’s all I got. Be Blessed. BitBoy out!

Source: https://thebittimes.com/ada-makes-the-grade-smart-contracts-for-3rd-largest-cryptocurrency-tbt2880.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com