Cardano’s Alonzo Mainnet Hosts eUTXO Smart Contract Model – Cardano’s Alonzo mainnet launch is only a day away. The CEO of Cardano (ADA), Charles Hoskinson, is excited about this new dawn in ADA’s journey. To specify, the CEO tweets about the joyous occasion.
As we can see from this tweet, he is looking forward to ushering in a new era for Cardano. Once the Alonzo mainnet makes its debut, it will open the doors to a whole new realm of possibilities.
To highlight, one of the biggest reasons to celebrate is the fact that once this goes live, users on ADA’s network will be able to deploy their very own smart contracts. This means that DApps, blockchain games, and NFTs will see a whole new suite of features.
Not to mention, the DeFi sector will likely see a further boom from the new update. There are also many perks that investors and traders can benefit from. This includes faster speeds, low transaction costs, interoperability, and so much more.
To add on, the price of ADA has gone up over the past couple of months. This is mostly thanks to the successful Alonzo testnet launch as well as the imminent arrival of the Alonzo mainnet hard fork.
In detail, Alonzo’s smart contract model is the Extended Unspent Transaction Output (eUTXO). It provides heightened security, boosts execution cost predictability, and proposes a unique approach to parallelization.
By elevating parallelism, there is an opportunity for Cardano to increase throughput, improve performance, and offer scalability. The project is backed by a dedicated community that believes in it just as much as its creator.
After the launch, Cardano will move on to its next phase. On the horizon are Hydra Layer 2 project, Plutus Core, Genesis, and others. For those curious to see what comes next, register for the Cardano Summit 2021 now.