Smart contracts are the wave of the future.
Everything from Defi, NFT’s, and other digital financial services are all reliant on smart contract technology, and so far the two best platforms for all of that seem to be Ethereum and Cardano.
Cardano recently rolled out its Alonzo White hard fork, and this has brought the platform one step closer to implementing smart contracts.
Some pundits are saying that this could spell trouble for Bitcoin. After all, Bitcoin hosts no smart contracts and functions purely as a currency or a store of value.
Where will Bitcoin fit into a financially decentralized ecosystem that is increasingly moving towards the implementation of smart contracts?
I think only time will give us answers on that one, but the concerns are clear.
The internet seems to be buzzing with news on the future of Cardano:
If you want to get up to speed on this + what is coming next checkout this brand spanking new video I just made on this #Alonzo White update and the next phases moving towards Goguen 🙂https://t.co/drsyyap407 https://t.co/t43xd3jzVj
— j₳ck (@jackingrm) July 14, 2021
ZY Crypto gave some reasons as to why Cardano may be a better alternative to Bitcoin:
Another noteworthy development is Cardano’s adoption rate, which is putting it in close range with platforms that exclusively focus on Bitcoin and Ethereum. Grayscale’s addition of Cardano (ADA) to its large market capitalization fund is an example of the asset making its way to the top. At present, the asset is the third largest component of the fund, just after Bitcoin and Ethereum.
What-to-date returns is also another metric that puts Cardano in the front seat. Against Bitcoin, Cardano investors would’ve made significantly higher returns. As Finance website Gobankingrates observed, investing $1,000 in Bitcoin one year ago, going by Bitcoin’s July 1st trading price of $36,277, total profits would be sitting at an estimated $2,786. Investors who put the same amount in Cardano (ADA) would’ve made $20,966, making the latter a promising investment asset for market players.
He is saying Etherium will flip Bitcoin based on what is happening on his platform 🤣🤡
He is just forgeting the zillion problems that eth has + the competition is coming in hot aka Cardano.— borabora (@bora_bora_1984) July 5, 2021
$ADA is already the upgrade for Bitcoin, superior in every way. If Bitcoin starts dropping, it's because ADA will flip it. Look at the weekly charts and zoom out. ADA/BTC and ETH/BTC gonna fly.
— Muad'Dib (@mwaddip) July 3, 2021
Bein Crypto had more on the Alonzo White hard fork:
Cardano’s Alonzo hard fork has been successfully deployed, according to developer Input Output Hong Kong (IOHK). In a series of tweets published on July 15, IOHK said that the “network is happily making blocks already.”
The Alonzo hard fork is a key moment along with Cardano’s roadmap, paving the way for smart contract functionality. The full release has a tentative release date of August. It would bring several significant changes to the Cardano network, including the ability to host decentralized finance (DeFi) applications.
Many are expecting the potential and utility of ADA to explode following this release, which is the culmination of years of development if one looks at the carefully calculated roadmap.
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