Cardano ADA Alonzo Network Upgrade

If you don't know what Cardano yet can you really call yourself a person into crypto? Cardano is now ranked third in total market cap at 94 billion dollars and a value of just under $3 at the time of writing this.

At the time of writing this Cardano is going through a hard fork which has been named Alonzo.

A little Cardano History

Cardano has actually be around for a while. It was created in 2015 and was based on PoS Proof of Stake. That means you stake your tokens and earn a interest on them when you vote for validators. I go over the staking factor in greater detail in my other post here.

Update Progression

Caradno is split up into 5 development stages called Byron, Shelley, Goguen, Basho and Voltaire. We are currently towards the end of Shelley. The start of Goguen will be the introduction of smart contracts.

The goal of Shelley was to decentralize the blockchain and Goguen will be the introduction of allowing the blockchain to have dapps built on top of it. That means the introduction of things such as NFTs, Games, DeFi and more.

This also allows the creation of tokens on the chain called Layer 2 tokens which sit under Cardano much like we see with ones on Ethereum like Polygon.

What will the price do?

*This article is not financial advise and is for entertainment purposes only. These are my own options and thoughts on the product and speculation of the price. Do your own research before investing and take responsibility for your own actions.

That that disclaimer out of the way I suspect the price to pump during the hard for as news and hype builds it. However shortly after 2-3 days after I suspect a sell off much like we have seen with other cryptocurrencies when these types of things happen. The reason for this is although this upgrade allows for smart contracts it also means NOTHING has been built on it yet. Without use cases it makes the token pretty worthless in itself besides speculation of price and value later.

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