Cardano recently upgraded its blockchain smart contract functionality on September 12th and experienced a surge in smart contracts running on the network. The Alonzo hard fork hosted over 100 smart contracts within the first 24 hours of its operation. In addition, the platform saw the deployment of its first decentralized application, which is one of its new features. Developers are able to build and deploy their own decentralized applications with advanced use-cases on Alonzo.
One major advantage of building ‘DApps’ on the Cardano blockchain is the added security it offers. Developers can now minimize security breaches of traditional apps which inhabit central servers. This is in place of using the security of a global network with thousands of linked computers.
The Cardano blockchain deploys a unique method of verifying transactions. The network trumps Bitcoin in efficiency, and utilizes energy equivalent to a family home. By comparison, Bitcoin uses energy equivalent to a country. Also, Cardano offers better price stability and predictability due to its accurate transaction cost prediction. This translates to better-built apps with minimal transaction losses or high costs.
Before now, several developers found it extremely difficult to develop apps on the blockchain. This was due to the expensive costs, and energy requirements associated with the biggest blockchain platforms. Because of the cost-intensive nature of this, there was previously no incentive to implement blockchain for smaller enterprises without compromising resources.
Cardano is the third-biggest blockchain by market cap and has had a pivotal year through its engineering company, IOHK.
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