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More than 100 smart contracts run on Cardano after Alonzo update

By Hannah perez

The advent of smart contracts marks a new era for Cardano. The co-founder of MATIC will now pay $ 20,000 after betting against the deployment of smart contracts on time.


Long-awaited smart contracts are already running on the Blockchain from Cardano after the ‘Alonzo’ update was successfully rolled out to the mainnet (main network).

The deployment of smart contract functionality means that Cardano it will finally be able to host an entire ecosystem of decentralized applications (Dapps), tokens natives and more. In this way, the developers of this network will have for the first time the possibility of building decentralized finance protocols (DeFi), minting non-fungible tokens (NFT), among other things on Cardano.

The community of Cardano celebrated the milestone on Sunday. Marek Mahut, founder of Five Binaries, was responsible for executing the first smart contract. Later, just 10 minutes later, they were already running more than thirty smart contracts upon Cardano, according to information shared by a community member in a tweet.

I am proud to have made the first execution of a smart contract on the Cardano mainnet and am excited to see capabilities develop as updates continue to roll out.“, Mahut said at the time, as quoted by the media Menafn.

More than 100 smart contracts running

Two days after the update, more than a hundred smart contracts are already running on the network. The founder of Cardano and IOHK CEO Charles Hoskinson commented on the matter, quoted by the same news outlet.

With this launch, the commercialization is both in the hands of the community and the architects of the system, and they are already fulfilling it: in less than 24 hours, more than 100 smart contracts have already been executed on the network.

Hoskinson added that the update ‘Alonzo‘is the culmination of six years of work “insanely tough on some of the brightest minds on Blockchain “. In addition, he was optimistic about the potential of the development of an ecosystem of decentralized applications and announced that the objectives of the project are currently focused on continuing to improve the platform and expand the adoption of Cardano.

By this time next year, there will be useful, and in some cases, life-changing, decentralized applications running on the system. [Cardano] that will transform the lives of millions […] people over the next decade.

The updated data from block explorer Cardanoscan.io currently show a total of 195 smart contract transactions, which suggests that a group of developers have been actively exploring the new functionality of the network.

While other blockchains already offer smart contract capabilities to create decentralized applications, one of the barriers is high transaction costs and network congestion. From a proof-of-stake (PoS) mechanism, Cardano it offers low rates and high scalability while using significantly less energy than other traditional networks.

Skeptics pay their bets after Cardano win

The arrival of smart contracts to Cardano On schedule it also meant that some skeptics lost their bets on this project update. Hoskinson has taken to Twitter to collect some of the bets.

The prediction market based on Blockchain, Polymarket, donated on monday this week a total of USD $ 50,000 to the organization Magic yarn on behalf of the CEO of IOHK after betting in July that Cardano it would not have functional smart contracts by October 1.

That organization, which makes homemade wigs for children suffering from hair loss due to the fight against cancer, was chosen by Hoskinson as the recipient of the money. More recently, Sandeep Nailwal, one of the co-founders of MATIC, also got engaged to pay your bet of USD $ 20,000 against the deployment of smart contracts on the scheduled dates.

Nailwal even congratulated the developers of Cardano for the latest update. Although Hoskinson does not seem to have informed him yet about the charitable cause to which he wants to donate the funds, the founder of Cardano seems to be enjoying the triumph. On Twitter he has shared several comments about it.

Recommended reading

Sources: MenaFN, U.Today, Twitter, file

Version by Hannah Estefanía Pérez / DailyBitcoin

Image from Unsplash

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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