A popular market analyst says that he believes Cardano’s forthcoming update could be a game changer for the fifth-largest cryptocurrency by market cap.
The pseudonymous head of Coin Bureau, who goes by the simple name “Guy,” tells his 1.2 million YouTube subscribers that he expects the next few weeks to be exciting with several major projects in the space, including Cardano (ADA), set to reach major milestones.
“[Cardano’s] upcoming smart contract update could become one of the most important developments this industry has seen to date.
Cardano’s smart contract capabilities have been in the works for years, and it looks like we could be in the final stretch of this revolutionary rollout.”
Co-founded in 2015 by Charles Hoskinson, Cardano went live in September of 2017. The Cardano Foundation oversees the development of the project and commissions two companies, Input Output Hong Kong (IOHK) and Emurgo, develop its software.
Over the past several months, Cardano has been progressing through a series of protocol upgrades collectively known as the “Goguen era,” which is focused on smart contract functionality. In March, the first update of the Goguen era, dubbed the “Mary” hard fork, introduced Cardano’s native assets.
Cardano is now gearing up to complete its next update phase, called “Alonzo,” which will officially introduce smart contacts. Alonzo is expected to launch in a hard fork as early as this month.
Guy says that following the release of smart contracts, the later stages of ADA’s Alonzo phase will stress test Cardano’s smart contract scalability and stability, and will aim to catch any bugs that remain in the system.
“The good news is that Alonzo is advancing right on schedule. Given that Charles announced the beginning of Alonzo at the end of May, the 90-day timeline by IOHK suggests the end of August is possible.”
From a price perspective, Guy points to Cardano’s large community and the fact that early investors were fully vested long ago as signs of the coin’s strength.
“I could see ADA reaching $4 to $5 by the end of the year, assuming Bitcoin sees another slingshot to the upside in September or October, which is likely in my opinion.”
Guy says that despite the long track of developments that Cardano has undergone since its launch, the introduction of smart contracts is just the beginning for ADA.
“All the updates I discussed today have been a long time coming. Whether it’s protocol developments, partnerships or integrations, the years of hard work put in by IOHK, Emurgo, and the Cardano foundation are starting to come to the fore.
The craziest part is that this is just the beginning for Cardano. This is as terrifying as it is exciting because so much is riding on a successful smart contract rollout.”