Cardano Takes Aim At Bigger Cryptos While Hoax Hits Litecoin
The blockchain platform Cardano over the weekend rolled out a highly-anticipated upgrade that will allow users to create so-called smart contracts and other applications. Bitcoin and other digital currency stocks largely fell on Monday.
Meanwhile, a Walmart (WMT) representative confirmed to CNBC that a news release Monday announcing that Walmart would support payments via the cryptocurrency Litecoin was fake. Walmart did not immediately respond to a request for comment.
Cardano’s announcement of what it called the “Alonzo” upgrade could make the network and its own cryptocurrency more competitive with the Ethereum blockchain platform. One of Cardano’s founders earlier founded the Ethereum platform. Smart contracts are contracts that automatically go into effect once certain conditions are met.
Research and engineering company IOHK oversees Cardano. Charles Hoskinson — a co-founder of Ethereum — and Jeremy Wood founded IOHK in 2015.
The company, in a blog post on Sunday, said the upgrade, named after the mathematician Alonzo Church, will mark “a fresh period of rapid growth” that would allow functionality of decentralized finance apps and decentralized exchanges.
But it warned that development is still in early days.
“Let us be clear. There will be bumps in the road,” it said. “Early user experiences might not be perfect. Some early (decentralized applications) will have issues. We’ll see some great development teams and some poor ones. This is a permissionless, decentralized blockchain, so this is inevitable.”
Cardano Ada, Bitcoin Stocks Fall
Cardano’s own ADA token fell 10% to $2.38 on Monday. The price of Bitcoin crept 0.8% higher to $46,301. Litecoin slid 3.5%, after jumping earlier in the day.
Still, ahead of the upgrade, Nigel Green, chief executive of deVere Group, said he’s bullish on Cardano’s prospects.
“There’s no doubt that smart contracts are going to revolutionize most sectors including finance, real estate, legal, health care, and gaming,” Nigel Green, chief executive of deVere Group, a financial advisory firm, said in emailed commentary on Thursday. “And this is why Cardano is increasingly attractive for forward-thinking investors.”
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