EP019 – Cardano Smart Contracts, US Legislation, FUD, & Cardano Ecosystem
Episode by Peter Bui on August 3rd, 2021
Cardano Smart Contracts Takes a Step Closer to Launch
With Alonzo White, the second stage of the smart contracts roll out for Cardano being successfully forked on Testnet, we are seeing more and more users being onboarded in a controlled and steady-state, with currently 100 people executing smart contracts on Testnet. This number should double by the time the Alonzo White phase is complete and the teams move on to the Alonzo Purple phase. This slow and steady approach ensures that there are no configuration issues or scalability issues of the network.
In one of Charles Hoskinson’s latest live updates, he mentioned that there are a few things that are needed to get to the Alonzo hard fork event.
- Fully operating node, which has occured and,
- a fully integrated wallet backed, which should be finished next week. The Daedalus wallet will be connected and hopefully be ready by September 10th.
Once these two factors are checked, then the final count down to a hard fork can start.
The remaining development required isn’t related to the hard fork combinator event of the blockchain but relates to the infrastructure that developers will need to work and run their applications on the blockchain.
The Plutus Application Backend is the infrastructure for the developers to roll out smart contracts and decentralise applications easily.
Charles mentioned that the hard fork event could be late August or early September with a possible date of August 31st as the potential launch date.
Users will be able to run smart contracts at this point but the parallel development of the infrastructure for the Plutus Application Backend will most likely continue after this point to have a better environment for developers to build and deploy applications on. Some developers and teams already have tooling and code ready to deploy.
At the moment more and more developers are coming into the Alonzo environment and testing for bugs, reporting and improving the entire infrastructure. We’ll see more iterative improvements along the way as more integration partners come on board.
The rollout for Alonzo is a lot easier and smoother than Shelly rollout.
August is crunch time for the teams working on Alonzo and the rollout of smart contracts. Good luck to the teams.
FUD Ethereum Maxis
As Cardano moves close and closer to the launch of smart contracts, we are seeing more Eth fans give the Cardano project grief in regards to the none existence of smart contracts, the delayed releases and Cardano being a ghost chain providing no value to the blockchain ecosystem.
From the Eth holder’s point of view, the closer Cardano gets to a full launch of smart contracts and have the ability to be able to provide DeFi, the more likely the investment of these Eth holders are threatened.
Ethereum is struggling with the core fundamental changes that are needed on the blockchain to switch from Proof of Work to Proof of Stake, although there is a great deal of work being done.
Etherum is struggling to change to proof of stake will it happen? One day I’m sure and with these off-chain solutions with the mechanics to make it happen, it will be possible.
With issues from lost keys to a stake pool to costs and difficulty of moving to PoS and staking on Ethereum.
More Wallets Are Being Developed
Semantic Web3 wallets will also be needed to power a lot of the decentralised finance applications that I’ve been reviewing over the last month.
Wallets like Nami Wallet, which I’ve done a quick review on and the upcoming release of the new Yoroi wallet will enable users to access these apps to interact with the blockchain.
Emerugo announces their upcoming dApp integrations.
We also have a review on wallet setups for the upcoming dApp earn of Cardano.
If you want to learn more about some of the new upcoming dApps that are on the blockchain see our previous episodes:
US Infrastructure Bill with a Side of Crypto Tax
US congress looks at passing a new infrastructure bill, and also slip in a major crypto tax to raise an extra 30B in tax revenue in the country. Unsure where that number comes from.
Cardano is not focused on locked value in smart contracts, in fact, the way Cardano works is a lot more flexible without locked crypto assets for staking, DeFi would be different.
This Twitter account has been set up to detect and report various Cardano scams that appear on the internet and YouTube.
Follow Cardano Phishing alerts for live updates in regards to scams that are using Charle’s video interviews as clickbait to entice users into the ecosystem and send their ADA away.
Watch my scam video on YouTube
Novellia Calls It a Day
In a recent post from the Novellia team, they announced that one of their core developers have decided to move on. As a result, they have been trying to meet the shortfall in resources by working more over time but unfortunately, it wasn’t sustainable.
As a result, the team have decided to release all they had on open source Github repositories and call it a day.
I wish the team all the best and hopefully will see more from the founders in the future as they start working on other things. If you’ve delegated to their stake pool you will need to move your delegation to another pool.
PlayerMint + Retro Pool Holding a Tournament
Rocket League Tournament earning $PMX tokens.
Pool Round Up
Since Fed 22nd the pool has gone from 1000 ADA to 10.6M in 5 months. That’s doing ok.
Join our Telegram Group where we now have live updates of the pool posted directly to the channel.