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Cardano has been gaining huge traction in the crypto sphere as it inches closer to launching smart contracts on its blockchain to properly enter the DeFi space, following the blockchain's successful Mary hard fork upgrade. The Mary hard fork is a major upgrade that unlocks new opportunities to the Cardano community and the businesses and institutions using the blockchain. This will effectively transform the Cardano testnet into a truly multi-asset network, enabling users to issue and distribute their own tokens on the Cardano blockchain.

"Cardano reportedly plans to launch its "Alonzo" upgrade on September 12, bringing smart contracts to Cardano via a hard fork combinator (HFC) event. Essentially, the Cardano community believes Alonzo will usher in advanced smart contract solutions and decentralized finance (defi) protocols... While the biggest features stemming from Alonzo will be smart contracts and defi, the upgrade aims to bolster concepts like tokenization and non-fungible token ideas. Additionally, it has been said that ERC20 tokens deriving from Ethereum will be able to be leveraged on the Cardano chain."

Cardano (ADA) completed its "Mary hard fork" update via a managed hard fork combinator event. The upgrades will make Cardano a multi-asset chain, similar to Ethereum, allowing users to create and sell tokens that run natively on the blockchain. The new upgrades aim to enhance the development of tokens on its chain, bypassing the need to create a smart contract to govern ADA's different tokens.

After the "Mary" hard fork, the Cardano blockchain will become a "decentralized multi-asset (MA) smart contract platform", which means non-fungible tokens (NFTs), decentralized finance (Defi) and smart contracts will be supported. While Cardano is receiving mainstream media attention, such integration and upgrades are underway.

Cardano launched the first testnet for its smart contract platform, Alonzo, that will be rolled out in three phases, each named after a different color. The current blue phase will be followed by Alonzo White and Alonzo Purple, each aiming to include more users and add functionality to the network. The phases are to be rolled out at 30-day intervals, with Alonzo Purple expected to launch by the end of August. Alonzo also will support an ERC20 converter, allowing ETH tokens to run on Cardano, making its proof-of-stake network a serious competitor to Ethereum.

"Critics are slamming Cardano smart-contract testnet errors and complained that the blockchain wasn't fit for purpose as a decentralized finance (DeFi) platform. Difficulties around multiple users interacting with the protocol at the same time surfaced as developers launched the long-awaited Alonzo testnet, which introduces smart contracts to the platform for the first time. These concurrency issues meant that the first Cardano dApp-a multi-pool decentralized exchange (DEX) named Minswap-was forced to prematurely shut down its testnet."

Cardano will hard fork on September 12, at which point the crypto-asset will get functional smart contracts. These can be used for decentralized finance (DeFi), non-fungible tokens (NFTs), and other types of decentralized applications (Dapps). Cardano has managed to capture the third-largest crypto market capitalization among 10,000+ crypto assets.

Cardano is working on a crypto-native microchip that would enable crypto transitions without the internet access, potentially delivering a cash-like experience. The private key from one chip would be transferred to another, and it would provide the proof of erasure, making sure that the key only exists on the new device.

The meteoric rise of Cardano over the past three months is catching the attention of some of the savviest investors in cryptocurrencies.

"Alonzo will be developing on Cardano's (ADA) token upgrades in order to give application developers the tools needed for creating business applications."

"For now, it appears unlikely Ethereum will be dethroned in the short-term. Ethereum has a very firm and clear first-mover advantage over its competitors. It not only has the highest dominance in terms of the network value but also outdoes the competition in several key factors. In a nutshell, these factors are-the number of active users; the ERC-20 (Ethereum) token being the most adopted standard for newly issued crypto-assets; third party adoption for service and infrastructure; and overall network security."

On August 12 Cardano's "Alonzo" hard fork was completed successfully. The fork enables smart contracts to be written using Plutus scripts, a purpose-built smart contract development language and execution platform using the functional programming language Haskell.

"This article compares some of the main features of the Internet Computer with the following layer one blockchains: Ethereum, Cardano, Solana, Binance Smart Chain, Zilliqa, Algorand, and Avalanche. Although Polkadot is a 0-layer blockchain, known as a multi-chain protocol with heterogeneous sharding, "

"An array of layer-1 protocols have emerged that aim to improve these shortcomings across different use cases. Though it can be difficult to compare blockchain protocols owing to differences in performance metrics and data, elements like transactions, scalability, nodes, and energy efficiency can help assess their relative merits. With this in mind, let's compare six blockchains - Ethereum, Cardano, Solana, Avalanche, Algorand, and Internet Computer - based on these parameters."

Grayscale has incorporated six more trusts, tied to Polkadot (DOT), Aave (AAVE), Monero (XMR), Cardano (ADA), Cosmos (ATOM), and EOS.IO (EOS). All the six trusts were formed Wednesday by Delaware Trust Company, Grayscale's "statutory trustee." The new trust formations come a week after Grayscale incorporated [six more trusts, including those tied to Chainlink (LINK) and Tezos (XTZ) tokens]. However, trust formations do not mean the firm will launch these products.

El Salvador's government is reportedly planning to release a U.S. dollar stablecoin. The currency would be issued by the central bank, pegged to the value of the U.S. dollar and backed by reserves of real U.S. dollars. The cryptocurrency would be called the "Colón-Dollar," a reference to the country's former national currency that was replaced with the U.S. dollar in 2001. The president's brothers reportedly met with representatives from Cardano, WhizGrid and Algorand at different times.

"Founded in 2015 by Charles Hoskinson and Jeremy Wood, IOHK is one of the world's pre-eminent blockchain infrastructure research and engineering companies. We are a fully decentralised remote working organisation committed to the highest principles of academic rigour and evidence-based software development. The company builds high-assurance blockchain infrastructure solutions for public, private sector and government clients. It is also the driving force behind the decentralised and smart contract platform, Cardano."