How Cardano’s Alonzo testnet, UTXO model blends the best of Bitcoin and Ethereum combined.

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The Cardano team has had a busy few weeks and months. Cardano’s latest mainnet upgrade, dubbed ‘Mary,’ went live on March 1st, transforming the cryptocurrency into a multi-asset network akin to Ethereum. Cardano’s native cryptocurrency, ADA, has also been surging on the trading charts lately, with the altcoin hitting an all-time high about a week ago before corrections set in.

Cardano, on the other hand, does not seem to be finished with its developments, with its developers currently focusing on the Alonzo hard fork, an expansion that will add smart contracts to the network. On the most recent episode of Cardano360, IOHK’s Charles Hoskinson, Founder of Cardano, built on the roadmap.
Alonzo, according to Hoskinson, would include taking the “trailblazing” Extended UTXO Model, which “combines all the positive stuff from both Bitcoin and Ethereum,” combining it all, and throwing the “beautiful” Plutus network on top of Cardano. However, this can be a lengthy process, with the date of the HFC event followed by a number of other moves.

For instance, it will be merged into the Ledger and code to create a CLI, with a significant number of alpha partners participating. This will be accompanied by the launching of the Alonzo testnet by the end of April or the beginning of May, when people will be able to code and execute smart contracts on Cardano.

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The testnet will be accompanied by stress checks conducted by a group of cohorts and ‘Plutus pioneers.’ This will last for about a month, after which, if all goes well, Cardano will be feature-frozen by the end of June. Following that, collaborators such as exchanges and wallet operators will be given a minimum of four weeks to try, update, and modernise for Alonzo. The hard fork will take place just then.

Although the deadlines have been settled upon, no deadline has been fixed at this time. However, according to Hoskinson, the team is still optimistic about the speed of progress, with Alonzo expected to arrive by the end of July. He added that the date would be verified by the end of April.

Many in the forum, naturally, welcomed Hoskinson’s publication of the roadmap. However, at the time of publishing, it was too early to say if ADA’s valuation would increase as a result of the same. If experience is any indication, the altcoin is more likely to hike as the hard fork approaches in the summer.

 

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