- Cardano network can create smart contracts with the Alonzo update.
- The network is paving the way as a ‘green’ blockchain.
- It uses the Proof-of-Stake consensus algorithm.
Cardano happily announces that Alonzo is now running smart contracts. The Alonzo mainnet update is set to launch on the Cardano blockchain in late July or early August. However, the Alonzo testnet came out just a couple of weeks ago.
Specifically, this news came out during a fortnightly video update on the IOHK YouTube channel. The marketing and communications director at IOHK, Tim Harrison made the announcement. In particular, he says they are now in a position to ‘talk’ to the Alonzo node.
Additionally, he reveals that Alonzo can create simple smart contracts and pass them to the ledger. The smart contract could be a simple transaction or a confirmation of payment.
Furthermore, the video goes on to state that this will simply be the beginning of the Alonzo White phase. Ideally, this phase will launch in July. Although, it can only begin once all company’s partners have able to complete their smart contract scripts.
Therefore, once these partners have successfully proven that they can validate, execute, and submit on the chain, the Alonzo White will be in full swing.
On the other hand, the Cardano blockchain is also turning heads with its leading ‘Green’ blockchain technology. Cardano uses the Proof-of-Stake (PoS) consensus protocol. This algorithm is proven as a more energy-efficient alternative to the traditional Proof-of-Work (PoW) consensus.
EMURGO, the developer behind Cardano’s Yoroi wallet explains why PoS is a better alternative. Firstly, the hardware needed by validators on a PoS network is much cheaper than a miner in PoW. Secondly, the PoS hardware requirements consume only 1,900 kWh per year.