Cardano news: the significance of the long-awaited Alonzo hardfork for entrepreneurs

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The Input Output HK team detailed today how the introduction of the newest Cardano hard fork, Alonzo, would result in an integrated network for companies and developers, as well as new smart contract support.

In a recent blog post, IOHK’s software engineering chief, Michael Peyton Jones, explained that the hard fork was named after Alonzo Church (1903-1995), a US-based mathematician and logician who worked on the foundations of theoretical computer science.

According to Peyton Jones, the network will use hard fork “combinator infrastructure” to introduce Alonzo. Furthermore, the engineer stated that the update would bring support for “smart contracts and digital agreements to Cardano” within four months this year. He continued, saying:

It will open up opportunities for businesses and developers, by allowing the creation of smart contracts and decentralized applications (DApps) for decentralized finance (DeFi).

In March this year, the network implemented the Mary upgrade, which allowed for the creation of unique tokens for transactions on the Cardano blockchain. However, alongside the introduction of “transaction metadata,” native token creation, among other features, the Cardano ecosystem aims to primarily establish a foundation for smart contract support.

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Alonzo will also encourage developers to collaborate with “collectibles, crowdfunding, or auctions” to meet “business needs.”

Previously, IOHK CEO Charles Hoskinson said that Cardano intended to prioritise the NFT industry. He announced at the time that the update would not only add smart contracts to the Cardano network, but that the team would also concentrate on NFTs.

The Cardano team is said to have negotiated with top NFT-focused networks, with Hoskinson forecasting that these ventures, which are usually built on the Ethereum network, will migrate to the Cardano ecosystem in the future.

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