A brand new version of Alonzo Blue, called Alonzo 2.0, has been published on the third-generation blockchain project. A few days ago, Cardano made headlines for making the testnet for smart contracts live on the ecosystem. Since then, the Alonzo fork has started on its first stage of development called Alonzo Blue. The new version of the node is a step ahead for the testnet, and it would serve as a founding block for enabling smart contract capabilities on Cardano.
The Cardano team views the addition of Alonzo 2.0 to the testnet as a milestone. Cardano is still taking steps to become the most innovative and updated version of blockchain projects. The news of these upgrades is reflecting positively on the blockchain projects. The native currency of Cardano, ADA, is trading at $1.56 at present, and it is placed at the fourth largest spot on the crypto leaderboard.
Alonzo 2.0 would Serve as a Building Block for Enabling Smart Contracts on the Network
The parent company behind Cardano IOHK has recently told media that a new Cardano node Alonzo 2.0, has been added to the network. The upgrade is inclusive of an important part of the Interface Command Line (CLI). The CLI would be used as a grappling hook for all the future variants of smart contract applications. Nevertheless, it is a rudimentary base code that serves as the foundation block.
The recently updated testnet enables the users to harness metadata on-chain for smart contracts. It also activates the storage capabilities for contract data that could be executed later. In this manner, the initial Stakepool operators (SPOs) are now able to access smart contracts on the Cardano net, and they can also send and receive simplified coded lines to the ledger on Alonzo. SPOs have 24 hours to comply with the node upgrade.
The recently upgraded node and Alonzo 2.0 are taking Cardano beyond the capabilities of the smart contract. With this new generation node and full-fledged Alonzo implementation, the use of DApps or decentralized applications would become possible. At the same time, it would also serve as an amplification platform for including DeFi or Decentralized Finance functions.
The Cardano team is also looking at the possibility of out-of-control gas fees on the ecosystem. Such a challenge has been faced by Ethereum already. Therefore, to make sure that history does not repeat itself, Cardano developers are taking a longer route. Therefore, the complete implementation of Alonzo is going to take more than a few months.