What Cardano’s Purple Update Means For Investors

Smart contracts are inbound!

Cardano is taking the next step towards launching smart contracts via their “purple” update slated for a release this Friday, according to Hoskinson himself.

ADA’s price has surged almost 20% in anticipation of the upcoming update, but not all investors are on board just yet.

A lot of people point out that Cardano will never be a viable competitor to Ethereum, and that all of Cardano’s slated features are already available on, or will be available on the Ethereum network in time.

Personally, I think that there is room in town for two smart contract platforms. One meant for private enterprise, and the other meant for government, medical records, educational credentials etc.

While Ethereum is the clear winner when it comes to private enterprise, I really do think that Cardano will continue to win over national governments and exhibit more use cases over time.

Here’s a brief update from Charles Hoskinson himself:

#Cardano Development Update!! Alonzo Purple Is HERE 🙂 https://t.co/3AFfCvk6Ve

— j₳ck (@jackingrm) August 6, 2021

Business Insider reports:

Cardano’s native token ada shot up as much as 20% early Wednesday after its creator Charles Hoskinson stoked hopes that a much-anticipated update is imminent.
Hoskinson, who is CEO of cardano’s developer Input Output HK, said Tuesday he will reveal the date of the final release of the alonzo update on Friday.

“We’ll be able to announce when the alonzo hard fork is going to happen, and at that point you’ll be able to run smart contracts on Cardano,” he said in a YouTube video.

ADA briefly climbed to a two-month high of $1.7948 in early trade, marking a 22% increase in 24 hours, before easing back to around $1.7831, marking a 12.9% rise, according to investing.com. But the coin is still down 22.7% from an all-time high of $2.394 in mid-May.

August 2021 is the greatest month for #Cardano. After Alonzo Purple upgrade, Cardano will have #smartcontract functionality, just like #Ethereum.
Check this out for learn more about future Cardano potential. https://t.co/USZYhqKqwO

— Durianpool (@durianpool) August 7, 2021

cardano-wallet v2021-08-11: https://t.co/o8MDNA7PQq

Alonzo Purple Testnet Support
Released by github-actions[bot] – input-output-hk#Cardano $ADA

— Cardano Updates (@cardano_updates) August 11, 2021

Not everyone is bullish on Cardano just yet, according to Coin Telegraph:

While the rise of decentralized finance (DeFi) took place and the total value locked in DeFi applications soared above $76 billion, Cardano investors have been waiting for nearly four years for the project to deliver on all its promises.

Traders are now trying to determine whether the 50% rally since July 21 was backed by positive expectations or fundamentals. The movement could have been a “return to the mean,” signaling that previous bearish trades were closed after two months of negative performance.

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