Cardano (ADA) has kept part of its earnings from the weeks leading up to the accident. As of this writing, the fifth cryptocurrency by market cap is trading at $ 1.50 with moderate losses on the weekly chart.
ADA with moderate gains on the daily chart. Source: ADAUSDT Tradingview
ADA moves with general market sentiment, undecided and without clear direction. However, Cardano’s bullish case revolves around rolling out its smart contract capabilities, and IOG, its developer, has been making significant progress.
In early June, this company launched the first testnet for the Alonzo era of the platform, AlonzoBlue. This phase in Cardano’s development aims to put its smart contract platform, Plutus, to the test. IOG’s media department announced:
Plutus’ first simple smart contract was successfully executed this week on the AlonzoBlue Cardano testnet.
Tim Harrison, IOG’s chief marketing officer, the company’s head of delivery, Nigel Hemsley, and the lead of delivery, Dimitris Poulopoulos, delve into this first smart contract execution. Hemsley said that interest group operators (SPOs) have been running nodes successfully, these community members have been a key component in “solving a lot of problems.”
IOG pioneers and partners have also been running their own nodes and have started their first exercises. As NewsBTC reported two weeks ago, Alonzo’s testnet will have several color-coded phases (blue, white, purple, and two small stages called red and black) prior to its deployment.
Each will have a specific set of objectives and exercises that the IOG and its participant must complete, from the private to the public phase. AlonzoBlue will verify basic network functionalities, initial ADA distribution to SPOs with simple Plutus scripts and others. Poulopoulos added:
In fact, we can talk to the Alonzo node. A pioneer could create a very simple smart contract and put it on the ledger. So they can have their first smart contract written against our network.
Where does Cardano go next?
Simple smart contracts that can be implemented on Cardano’s AlonzoBlue can have different applications, Poulopoulos said. IOG’s Delivery Lead said that while Alonzo has yet to execute a “more elegant” smart contract, this represents a major milestone for the platform.
At the moment, the stability of AlonzoBlue is the priority. Then IOG will move to AlonzoWhite and SPO, pioneers and partners to “spin a” a new node. In this phase, IOG engineers will integrate larger components for Plutus, Hemsley said.
IOG has received a lot of feedback from the community via GitHub and Discord, added Poulopoulos. To end AlonzoBlue, the developers hope to build trust in the network and its components. The IOG Head of Delivery said:
Once they (pioneers and partners) can successfully demonstrate that they can submit, validate and execute, we are ready for (Alonzo) White.