Cardano (ADA) is one of the best cryptocurrency investments you can make right now, according to Chief Crypto Strategist Nick Black.
Created by Input Output and the co-founder of Ethereum (ETH), Charles Hoskinson, it was the first cryptocurrency founded on peer-reviewed research and developed through evidence-based models.
Hoskinson designed Cardano to challenge Ethereum’s decentralized finance high gas fees while also keeping a level of interoperability with ETH.
It currently runs on a blockchain platform where games, new tokens, apps, and financial tools are developed.
And while the purpose of many crypto projects can be vague and difficult to wrap your head around, Cardano actually has tangible real-world applications: It aims to bring economic identity, empowerment and financial inclusion to the entire continent of Africa.
Cardano’s proof-of-stake ADA token and its less-energy consumption model are gaining a lot of attention in the cryptocurrency sphere with exciting new upgrades on the horizon.
One of those upgrades promises to bring to the Cardano Network support for smart contracts and decentralized application (dApp) functionality.
At Alternative Wealth Daily, we’re here to keep you up to date with the latest trends in blockchain technology – and these upgrades are going to have huge implications for crypto investors.
So today, we’re going to talk about the most anticipated upgrades on the Cardano blockchain – the Alonzo Purple update and Ouroboros Hydra.
Here’s what you need to know…
The Cardano Roadmap
The Cardano Roadmap consists of five main periods: Byron, Shelley, Goguen, Basho, and Voltaire.
The roadmap is in the Goguen phase, as of this writing.
Cardano’s Alonzo Purple Upgrade
Recently launched in 2021 as part of the Goguen phase, the Alonzo update is Cardano’s latest upgrade. Its testnet version made it possible for dApps and NFTs (non-fungible tokens) to be launched in the Cardano blockchain.
The long-awaited Cardano Alonzo Purple upgrade presented a massive change in the form of smart contracts – opening the doors for NFTs and transforming the chain enormously.
This upgrade is attracting millions of users and investors worldwide. ADA witnessed 100 million active wallets back in May 2021, and the number of wallets has doubled to 200 million in the last six months.
One of the current updates taking part in the Goguen era focuses primarily on building smart contract techniques and being the time when Cardano will open to corporate-level partnerships.
This era is the time where Cardano will mature for the upcoming Basho and Voltaire phases.
Coming Soon: Ouroboros Hydra
All Cardano enthusiasts are eagerly waiting for phase four of the crypto – the implementation of the Ouroboros Hydra. It is an upgraded version of the latest consensus protocol.
With the launch of Hydra, various side chains will be added to the main blockchain, efficiently circulating the network load.
Once the upgrade is initiated, the network will be able to handle over 1,000 transactions per second (TPS). Additionally, with 1,000 side chains, Cardano could theoretically support 1 million TPS in the future.
The Cardano price might be down right now, but this token is far from “dead.” Find out how much money you could make from Cardano this year by accessing Nick’s 2022 ADA price prediction right here.
The Alternative Wealth Daily Research Team