Michael Peyton Jones, software engineering lead at Input Output HK, has published a detailed post on how Alonzo hard-fork activation will make Cardano (ADA) an advanced environment for blockchain-based business initiatives.
Alonzo will bring smart contracts to Cardano (ADA) in Q3, 2021
According to the explanation by Mr. Jones, Cardano's (ADA) Alonzo hard-fork will expand the transformation processes initiated by the Mary and Allegra forks, the latest network upgrades for Cardano so far.
The Alonzo update commemorates Alonzo Church (1903-1995), an American mathematician and logician who worked on the basics of theoretical computer science. Just like other Cardano forks, Alonzo will be activated without an actual chain split: Cardano (ADA) utilizes a hard-fork coordinator for seamless updates.
Activation of smart contract functionality strictissimo sensu will follow in Q3, 2021:
Alonzo will add support for smart contracts – digital agreements – to Cardano about four months from now.
This addition to the protocol will attract many businesses to Cardano (ADA) as its smart contract logic will allow it to leverage it for many use cases.
NFTs, DEXs, stablecoins are expected to launch on Cardano (ADA)
In particular, Mr. Jones mentioned collectibles, crowdfunding and auctions as the forms to which Cardano's smart contract logics will be applied. Thus, Cardano (ADA) will break into the red-hot segment of NFTs.
Then, Cardano (ADA) smart contracts will be suitable for building decentralized exchanges with trustless escrows, as well as for sophisticated decentralized financial protocols with centralized stablecoin support.
Real-world businesses will be able to utilize Cardano (ADA) for their supply-chain tracking applications. Also, token minting with predetermined vesting periods will be offered to projects with native tokens.
As covered by U.Today previously, Cardano inventor Charles Hoskinson stated that his platform witnesses "enormous activity" ahead of the smart contracts launch.