IOHK Announces New Update for the Cardano Network
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Input Output HK (IOHK), the host company of Cardano, recently announced the implementation of a new hard fork, Alonzo, on Cardano (ADA). The IOHK team noted that the upgrade would make the network a more advanced platform for businesses and developers, alongside newly added support for smart contracts.
According to a software engineer lead at IOHK, Michael Peyton Jones, the new upgrade was named after Alonzo Church (1903 – 1995), a US-based mathematician responsible for some of the early works on theoretical computer science.
Peyton Jones also noted that the network would integrate the hard fork “combinator technology” to implement Alonzo into Cardano.
The software engineer lead added that:
“It will open up opportunities for businesses and developers by allowing the creation of smart contracts and decentralized applications (DApps) for decentralized finance (DeFi).”
Just last month, the network saw a crucial upgrade, Mary, which created an avenue for the development of unique tokens for transactions on the Cardano blockchain. That said, along with the introduction of “transaction metadata,” native token creation, and several other new features, Cardano has its focus set on establishing a foundation for Smart contract support.
Meanwhile, to sort “business needs,” Alonzo will make the network suitable for developers to work with “collectibles, crowdfunding, or auctions,” including NFTs.
Key ADA Levels to Watch — April 9
Following the 30% correction from its recent all-time high at $1.5014, Cardano has been trading within a sideways range for most of the time. Despite the consolidation, the ADA appears to also be climbing higher slightly, as it trades along an ascending trendline.
That said, the sixth-largest cryptocurrency continues to struggle to break above the $1.3 resistance, despite several attempts over the past few days. We expect the ascending trendline to continue to drive the price higher towards the $1.3 resistance. A successful push above the $1.3 resistance over the coming hours and days could trigger a bullish rally.
Meanwhile, our resistance levels are at $1.3000, $1.4000, and $1.5014, and our key support levels are at $1.2000, $1.1000, and $1.0000.
Total Market Capitalization: $1.99 trillion
Cardano Market Capitalization: $38.9 billion
Cardano Dominance: 1.95%
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