Cardano (ADA) Price Shoots 5% On News of Smart Contracts Functionality

While the overall cryptocurrency market looks subdued at this point, the world’s fifth-largest cryptocurrency Cardano (ADA) is showing strong moves! At press time Cardano’s price is up ~5% and trading at $1.37 with a market cap of $42 billion.

The optimism is backed by positive comments from founder Charles Hoskinson over the introduction of smart contract features on the blockchain. The Cardano community has been eagerly waiting for this upgrade.

Hoskinson confirmed that soon after the Alonzo hard fork, smart contracts will be available on the network. Thus, he added that with time, the infrastructure of Cardano will only become more efficient.

The announcement came during a live stream update last week on July 30. Hoskinson also noted that there are two parallel developments leading to the hard fork.

1. The combinator event will give “Alonzo capabilities to the node”.
2. The infrastructure development around the node allowing the users to “run both off-chain and on-chain code and build full dapps [decentralized applications].”

Timeframe of the Development

Recently, Charles Hoskinson has received some flak for pushing further deadlines of some key upgrades on the network. In his latest live stream, Hoskinson also said that the infrastructure for the hard fork shall be available by the August-September time frame. He further added:

Cardano (ADA) users will be able to “run smart contracts the moment that hard fork comes on Cardano infrastructure and building an increasingly better environment for Cardano apps to be developed and deployed on.”

Cardano will be rolling out the upcoming Alonzo hard fork in three phases: blue, white, and purple. Each of these phases will make the public aware of additional functionality.

Cardano’s ADA has been one of the top performers this year. At the price of $1.31, ADA is trading at 600% gains year-to-date. The cryptocurrency swiftly made its way to becoming the fifth-largest digital asset by market cap.