Cardano Weekly Recap: “Big 3” Status, Alonzo, DApp Connector, And More - Crypto Daily™
Thanks to the upcoming Alonzo upgrade, the Cardano (ADA) community is buzzing with multiple exciting developments. So let’s dive in to see what all happened this week.
Gearing Up For Web, Mobile Integration
“The point of the application backend in the browser is to enable Plutus applications in the browser. That was a big milestone to see that team do it.”
Additionally, the Mithril protocol will also be implemented to secure activation of Plutus smart contracts on mobile devices. It will ensure that light clients don’t have to download the entire blockchain to verify transactions; instead, they can verify through sufficient data stored locally on their devices. This means that the platform will soon support web and mobile integrations.
Upcoming Alonzo Launch Draws In NFTs, Smart Contracts
Last week, Cardano’s parent company Input Output Hongkong (IOHK) announced a livestream event in collaboration with Wolfram Blockchain Labs, featuring NFTs that will be minted live on the Cardano network. Items from Wolfram’s computational universe will inspire the NFTs that will be liveminted, i.e., created real-time for more audience involvement.
So far, Ethereum has been the platform of choice for minting NFTs. But the upcoming Alonzo hard fork might swivel the NFT needle towards Cardano. Once the hardfork is fully deployed in September, the Cardano network will be able to support smart contracts, allowing ETH tokens to run.
“Big Three” Status Likely For Cardano: Morningstar Strategist
Amy Arnott, a leading portfolio strategist from billion-dollar asset management giant Morningstar, has spoken about Cardano’s capabilities in discussion with Business Insider. She has commented that Cardano has the potential to become one of the “Big Three” mainstream cryptocurrencies, along with Bitcoin and Ethereum.
“Cardano is similar to Ethereum, in that it’s a protocol that has a lot of potential technical applications… There’s a lot of enthusiasm about Cardano, and also various stablecoins.”
She claimed that more and more institutional investors are looking to avoid highly volatile cryptos. Since Cardano will soon offer the technical applications of Ethereum, but without its extreme volatility, the ADA coin value will likely shoot up straight to the top 3.
Cardano’s Yoroi Wallet Releases DApp Connector
The team at Yoroi Wallet recently announced that the company would be launching a dApp connector to facilitate interactions between users and blockchain-based dApps on the Cardano network.
With the upcoming Alonzo hard fork upgrade, the Cardano network will be able to integrate smart contracts into its blockchain, attracting new dApps, like DeFi, NFTs, DIDs, etc.
With Yoroi’s dApp connector, Cardano users will be able to interact with these dApps. Moreover, they will also be easily able to sell tokens, access resources, and conduct other necessary dApp related operations with the dApp connector. As a result, Yoroi will allow its users to harness the instruments of smart contracts on Cardano seamlessly.
Yoroi is a light wallet for Cardano'a ADA and ERGO's ERG tokens. Besides storing and sending tokens, Yoroi can be used in voting procedures within Project Catalyst, a unique Cardano community-driven referendum.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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