Has Cardano Blockchain gained full smart contract feature? According to experts, the meanings of some words cannot fully express what has been done. On this topic, we’ll take a look at comments from Charles Hoskinson and IOG developer Matthias Benkort. Let’s start with technical analysis…
What awaits ADA bulls?
Cardano (ADA) is making a weekly bounce from the $1.90 level and hit a year-to-date high of $3.16. Weekly price action is in the middle of this range, but there are a few key indicators working in their favor to protect the bulls’ positions and push prices back to $3.16, according to analyst Delma Wilson.
What happened in the price of Cardano?
Last week, Cardano (ADA) bears dropped the price to $1.89. On August 16, this level became the starting point for a two-week rally. The rally picked up momentum as the price action warmed up and indicators began to signal overbought warnings after sellers managed to push prices down. The gain since July has produced a green uptrend line that now acts as a reference point for both buyers and sellers, thanks to the bounce at $1.89. A retest of this trendline is possible, but will likely attract additional buyers as a way to break in for those who missed the $1.89 entry last week.
The analyst also says that as long as the weekly candle closes above the green ascending trendline, it will continue to be bullish. We can expect small counter moves from the sellers as there is no longer a strong entry place for the bulls. Additionally, there may be some resistance once the price action reaches $2.74, but it will be quite short-lived. Then, with a retest of the year’s high, the bulls could attack with full force for a drive towards $3 and $3.16. On the other hand, if the green uptrend line on ADA is broken, sellers can assume control. For a third test, sellers will try to bring the price action back to $1.89.
Experts expect more earnings from Cardano (ADA) in the coming months
After completing possibly the most important milestone in the third quarter of the year, the next few months will be crucial for Cardano. According to reports, the Cardano team is relying on the current momentum to keep the ecosystem growing. In a recent tweet, Sidney Vollmer of the Cardano Foundation pointed to a great collaboration. Vollmer asked the Cardano community to pay attention to the mind-blowing partnerships at the Cardano Summit, which will take place this weekend, September 25-26.
The announcement could be a sign of positive levels to come, but the blockchain industry has had its share of hiccups. A few highly anticipated discoveries eventually turned out to be below average. Let’s continue with the details of Cardano smart contracts and upgrade…
Cardano makes big strides in network upgrades
Cardano has made great strides in its technology and network upgrades lately. Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, recently explained that “smart contract” is not the right word for this Blockchain. Charles Hoskinson:
Matthias gets it absolutely right. Programmable validators instead of smart contracts.
Cardano Creator proposes a new term for smart contracts
The story began when IOG developer Matthias Benkort tweeted that he didn’t like stopping the word “smart contracts” and didn’t like it even more in the Cardano context:
Compared to most existing smart contract platforms, ADA’s network takes a very different path. Recently, we’ve seen a lot of discussion about “concurrency issues” and “EUTXO and accounts”. While equally impressive, Cardano programmability is different and atypical,” said Benkort. Cardano introduces the concept of programmable validators. Validators are completely decisive: their results depend entirely on the transaction that carries them (= predictable fees).
How is Cardano different from other Blockchains?
According to analyst Selana, unlike Ethereum, Solana, Algorand, Cardano does not have a concept of implementing a smart contract. Instead, validators are implicitly referenced by hashes prior to their use and are disclosed upon activation. This may seem a little strange at first. A direct consequence of this is that validators produce nothing. In Cardano, smart contracts refer to the combination of on-chain validators and the off-chain code that drives them. IOG developer Matthias Benkort adds:
Still, I often see people confuse validators and smart contracts: When they say smart contracts, they mean validators.
By the way, cryptocoin.com Hoskinson called the new functionality “programmable validators” after Benkort’s presentation. Cardano released the much-anticipated Alonzo hard fork on Sept. 12 after controversy over the concurrency issue. One hundred smart contracts were deployed on the network in just 24 hours. While it may be late to the decentralized finance party, Ethereum has so far dominated the field, Hoskinson has long overlooked the first mover advantage in DeFi.
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