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Cardano’s Alonzo Hard Fork Update, Will It Be As Expected Or Something Else Is Awaited?

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Highlights

    The ADA’s hard fork update will need programmers to learn a new coding language.

    The update seems to be very exciting but yet a tedious job for the developers

    With the update rolling out, no doubt a substantial jump in ADA price may be on the cards but the possibility of a notable dump cannot be ruled out

Cardano will be releasing the much anticipated Alonzo hard fork update in less than 2 weeks, that is on the 12th of September. This is an update to the previous Will Cardano price fall for the ‘Buy the rumour, sell the news’ article. Consequently, it has come to light from substantial sources that things can deter from the actual expectations.

Let us understand what would release on the 12th of September from the roadmap. According to the roadmap, the implementation of Plutus smart contracts having bits that run on on-chain and off-chain is on cards. But the catch here is that both on-chain and off-chain codes are in the “Haskell” langauge.

Accordingly, this means that Ethereum developers have to write the codes in Haskell, which is not familiar to them. As they use “Solidity” to write smart contracts that run on EVM. Moreover, Haskell is tough to learn and its popularity is declining over the years. Nevertheless, the ERC20 converter would launch alongside the mainnet. But the ERC20 will be a bridge for tokens only, smart contracts cannot be converted.

Also Read: What’s in the pipeline for Cardano’s Network, ADA and SOL Collaboration?

However, the developers need to rewrite the smart contracts in Haskell so that they execute in EVM, which could be developed as a side chain. This won’t be happening alongside the Alonzo hard fork launch. Possibilities of expecting any well-known De-Fi applications seems bleak at the moment.

In conclusion to the article, we can expect ADA prices to surge after corrections post the launch. However, the Cardano price could really gain extreme bullish momentum if everything is in place. Yet in case of any haze, a notable dump may make its way out. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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