{"id":345399,"date":"2021-09-28T16:27:00","date_gmt":"2021-09-28T13:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cardanos-alonzo-hard-fork-was-a-success-but-real-utility-could-be-a-while\/"},"modified":"2021-09-28T16:27:00","modified_gmt":"2021-09-28T13:27:00","slug":"cardanos-alonzo-hard-fork-was-a-success-but-real-utility-could-be-a-while","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cardanos-alonzo-hard-fork-was-a-success-but-real-utility-could-be-a-while\/","title":{"rendered":"# Cardano\u2019s Alonzo hard fork was a success but real utility could be a while"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a412a36ad386\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a412a36ad386\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cardanos-alonzo-hard-fork-was-a-success-but-real-utility-could-be-a-while\/#Cardano_developer_activity_amongst_the_highest\" >Cardano developer activity amongst the highest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cardanos-alonzo-hard-fork-was-a-success-but-real-utility-could-be-a-while\/#Cardano_DApps_are_still_on_the_distant_horizon\" >Cardano DApps are still on the distant horizon<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Cardano\u2019s Alonzo hard fork was a success but real utility could be a while <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Cardano (ADA) reached a major milestone in its roadmap on Sep. 13 as its blockchain successfully launched Plutus-powered smart contracts as a part of the Alonzo hard fork.\u00a0<\/p>\n<p>The Alonzo hard fork has been highly anticipated in the Cardano community as well as the cryptocurrency sphere at large.<\/p>\n<p>The smart contract functionality is meant to allow Cardano to become a platform on which developers can build decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications (DApps) and even mint nonfungible tokens (NFTs). This milestone has been hailed as the point in the development of the network where the \u201cmission truly begins.\u201d<\/p>\n<p>However, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> of the successful execution of this milestone didn\u2019t prevent the network\u2019s native token, Cardano (ADA), from falling into the wider slump that has gripped the crypto market since Bitcoin (BTC) flashed crashed below $43,000 on Sep. 7. In the aftermath of the Alonzo hard fork on Sep. 10, ADA dropped 10% to hit an intraday low of $2.3 while BTC and Ether (ETH) only fell 4% and 6.97%, respectively.<\/p>\n<p>Marie Tatibouet, the chief marketing officer of crypto exchange Gate.io, told Cointelegraph:<\/p>\n<blockquote><p>\u201cThis changes everything for Cardano! For the longest time, Cardano was known as the smart contract platform without the smart contracts, but now the critics will have to change that narrative. With the advent of actual contracts, Cardano&#8217;s utility and usability goes through the roof.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Cardano_developer_activity_amongst_the_highest\"><\/span>Cardano developer activity amongst the highest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/outlierventures.io\/wp-content\/uploads\/2021\/09\/Blockchain-Trend-Report-Q2-20-21.pdf\">report<\/a> by Outlier Ventures titled, \u201cBlockchain Development Trends Q2 2020\/21,\u201d Cardano is one of the most actively developed blockchains out there, with the highest average monthly commits per month on Github code repositories at 701 commits per month (CPM).\u00a0<\/p>\n<p>The average CPM for all protocols considered in the report is 107 CPM. These \u201ccommits\u201d essentially represent any additions or amendments made to the network\u2019s source code on Github.<\/p>\n<p>In terms of these commits, Ethereum comes in second with 447 CPM, IOTA stands third with 394 CPM with Filecoin and Flow rounding up the top five with 368 CPM and 306 CPM, respectively. This shows that Cardano is 555% more active than Ethereum and 317% than the average of all the blockchain networks connected.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/aa8f76c0-3be1-469d-93dd-cbba5404831e.png\"><\/figure>\n<p>In terms of the total number of developers building a particular blockchain network, Ethereum is still ranked at the top with 168 monthly active developers (MAD). Cardano follows closely in second place with 165 MAD, showing a higher year-over-year increase of 31.8%. The network already has the functionality that allows the creation of NFTs. According to data provided by Cardano to Cointelegraph, there have been 780,436 NFTs minted on the network.<\/p>\n<p>Such an active developer community is a testament to how fast the network is developing and adapting to the changing needs of the ecosystem. Cardano has a high developer count with the highest development activities amongst similar blockchain protocols thus improving the security and transparency of the network. The Alonzo hard fork bringing in the smart contract functionality will only push these trends to greater heights.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cardano_DApps_are_still_on_the_distant_horizon\"><\/span>Cardano DApps are still on the distant horizon<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Even though the Alonzo upgrade, a part of the Goguen phase of Cardano\u2019s roadmap, allows developers to deploy Plutus-powered smart contracts on the network, the network hasn\u2019t quite reached that stage.\u00a0<\/p>\n<p>Despite the belief in the market that over 2,000 smart contracts have been deployed on the network, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/smartcontracts.vercel.app\">data<\/a> from Vercel app, a third-party data provider that uses data from adapools.org, there are only 26 Plutus-powered smart contracts that have been deployed at the time of writing.<\/p>\n<p>There is also a market-wide perception that these smart contracts are in timelock. But, a spokesperson from Cardano clarified to Cointelegraph that the network has had timelock scripts since the Allegra era of the project\u2019s roadmap. These time-locked scripts are used for activities like aiding NFT minting by making NFTs run unique for-instance and multisig schemes. Smart contracts highly differ from these scripts and cannot be placed \u201cin timelock.\u201d<\/p>\n<p>Hunain Nasser, senior analyst at OKEx Insights \u2014 the research team at cryptocurrency exchange OKEx \u2014 told Cointelegraph:<\/p>\n<blockquote><p>\u201cTimelocks are used to protect users from changes made to contracts after they are created. Not all 2,300 or so scripts seen on the Cardano network are actual apps, most of them are minting policies for tokens and NFTs on the Cardano network, and they are time locked to prevent changes.\u201d<\/p><\/blockquote>\n<p>However, timelocks can be used once DApps are created and widely used. They can also be used to provide users alerts once any changes to a smart contract are triggered. This feature prevents the implementation of these changes instantly, giving users time to review them and act on them if necessary before they get implemented.<\/p>\n<p>It remains to be seen how fast real utility could come to the Cardano network in terms of DApps and other decentralized finance features. But it also could be a case of managing expectations. Johnny Lyu, CEO of crypto exchange KuCoin, told Cointelegraph that even though the Alonzo upgrade is a landmark event for Cardano, one shouldn\u2019t expect lightning-fast achievements in a short period of time.<\/p>\n<blockquote><p>\u201cUsers need to be patient, and developers need to move on and do a lot of work to prevent mistakes that can lead to hacks and loss of funds on smart contracts.\u201d\u00a0<\/p><\/blockquote>\n<p>An instance of smart contracts being fast-tracked into a network can be witnessed in the case of the Binance Smart Chain, the most recent one being the $12.7 million BTC hack from the pNetwork.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>DeFi hacks on Binance Smart Chain rise as TVL and volumes increase<\/em><\/strong><\/p>\n<p>\u201cAt the same time, I believe that after launch, it will take more than two years for DApps to be deployed and operate at full scale on Cardano, as it was with the Ethereum network, \u201c Lyu said, adding \u201cI think everyone is ready to start now and offer some new products and applications to users, but it is necessary to make sure that they are safe.\u201d<\/p>\n<p>Since Cardano is a blockchain project that has always focused on the fundamentals, one might assume that they will allow funds to flow through smart contracts only once they are deemed safe and secure. The Founder of Five Binaries, Marek Mahut, who ran the first smart contract on Cardano said that \u201cSafety and scalability are major features for any developer. Cardano\u2019s accounting <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, eUTXO, provides a novel approach, which makes writing secure smart contracts easier.\u201d<\/p>\n<p>The Cardano Foundation is held the Cardano Summit 2021 on Sept. 25\u201326. IOHK, the blockchain research and development company that backs Cardano\u2019s infrastructure, discussed the planned upgrades and improvements to the smart contract functionality at this summit. It remains to be seen when the deployment of actual DApps can be done on the network, but it\u2019s not an instantaneous process.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/cardano-s-alonzo-hard-fork-was-a-success-but-real-utility-could-be-a-while\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Cardano\u2019s Alonzo hard fork was a success but real utility could be a while &#8221; Cardano (ADA) reached a major milestone in its roadmap on Sep. 13 as its blockchain successfully launched Plutus-powered smart contracts as a part of the Alonzo hard fork.\u00a0 The Alonzo hard fork has been highly anticipated in the Cardano&#8230;<\/p>\n","protected":false},"author":1,"featured_media":345400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNGFmYmRhYWQtZjViMy00Mzc2LWE0OTQtMDc4MTkwZGEwZWE1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,75378,74863,75498,78425,4965],"class_list":["post-345399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-cardano","tag-cryptocurrencies","tag-fork","tag-hard-fork","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/345399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=345399"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/345399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/345400"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=345399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=345399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=345399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}