Cardano Network may Overtake Binance and Ethereum
Speaking at CryptoBriefing, Charles Hoskinson claimed that smart contracts are an important upgrade for the Cardano network. He further added that with the help of smart contracts capabilities, Cardano would be able to surpass widely used crypto ecosystems like Binance Smart Chain and Ethereum 2.0.
This will allow the Cardano investors who prefer lite applications to access the network without any difficulties. The lite or lightweight clients can have the option to conduct transactions without having to download the entire blockchain.
The IOHK, now known as IOG, announced the launch of Alonzo hardfork for the network last month. The Alonzo upgrade is crucial to introduce smart contract capability on the network. It will take place in three phases, namely blue, white, and purple. When all three phases are deployed successfully on the network, it will mark the completion of the Goguen Era.
After the Shelly phase, the Goguen Era is aimed to make Cardano a decentralized network. Each Alonzo phase deployment would introduce more features on the blockchain. Each Alonzo phase takes 90 days to become fully functional. Cardano development team has confirmed that it will be inclusive of an ERC 20 token converter to give Ethereum tough competition.