Popular cryptocurrency Cardano (ADA) is set to move from the current testnet of Alonzo Blue into Alonzo White next week as ADA experiences slow movements within the market alongside the majority of other cryptocurrencies.
Brief Analysis
Starting with ADA over the past year, there is more volatility observed for ADA towards the latter half of the year, indicating that ADA is a more risky investment that would apply to the remaining cryptocurrencies. However, it is important to note that ADA overall is stable in the crypto scope, its daily movements mostly gradual, whether that be up or down. ADA begins the yearly graph with a steady rocky road, slumping slightly upwards at the beginning to curve down over September 2020, the following months having ADA as virtually a horizontal line. Mid-November ADA begins to gain momentum, sparking from the start of February to break the $1 mark by March. Following March ADA begins to fluctuate predictably, going up to a peak, tumbling down, going up to a peak, and so on, gradually shifting higher over the months. From May the peak that ADA experienced is enormous at this scale, zooming beyond the $2 mark, but quickly crashes down to its original position. Since then ADA has moved relatively slowly, currently sitting around the start of May where the huge spark began, appearing to begin its fluctuating pattern once more as it gradually climbs upwards.
Going into the past month for ADA, not much is found as interesting for ADA. However, there is a gradual decline for ADA, a linear trend able to be sketched mentally from the beginning to the current position of the graph. There are a few troughs throughout the monthly movement, though are relatively minimal and recover within the following days to return to their original position. From such a linear decline of ADA, it can be expected to continue to climb slowly downwards, though ADA may turn around and climb upwards rather than downwards.
ADA over today has moved in a circle, starting slightly under where it started from the beginning of the day UTC (Coordinated Universal Time). In the beginning, ADA spiked quickly upwards, though the scale can be misleading with such a movement of about 4 cents or 2.5%, over the first half-hour. ADA peaks from such a movement tumbling for some time before rising back up with new momentum for a few cents/percentage increase. From there ADA slumps downwards, at first gradually through fluctuations of ups and downs, but from 9 o'clock the tumble gains new momentum for ADA to come where it currently is.
The current statistics of ADA are as follows:
Price - $1.25
24h Price change - $0.004272 (+0.34%)
24h low / 24h high - $1.21 / $1.30
24h Trading volume - $2,628,405,049.28 (-39.20%)
Market dominance - 3.06%
Market rank - 5th
Alonzo White Release Next Week
As well known, Alonzo is the testnet for ADA. It began as Alonzo Blue as an internal testnet, containing a few stake pool and IOHK (Input Output Hong Kong), having its first-ever Plutus smart contract released. This is part of the Goguen phase of ADA that looks at giving ADA the ability to build DApps (Decentralised Applications) with smart contracts, named after American computer scientist Joseph Goguen. The ADA roadmap details the features and purpose of Plutus, going as follows:
Plutus is a purpose-built development and execution platform using the functional programming language Haskell. Designed to enable the creation of smart contracts on Cardano, Plutus brings the inherent benefits of functional programming – such as reduced ambiguity and easier testing – to smart contracts. During the Goguen era, Plutus will set the stage for smart contracts that are capable of modeling enterprise-level business and finance scenarios. Not only that, but Plutus and Haskell enable the use of the same codebase both on and off-chain, whereas other smart contract implementations often require developers to use two or more different languages, reducing efficiency and increasing the likelihood of costly mistakes.
The announcement of Alonzo White's release next week comes from a recent live discussion on Youtube from IOHK, called Cardano360 - June 2021 that is attached in the Further Reading section. In the discussion IOHK technology manager Kevin Hammond makes the following statement:
The transition between Alonzo blue to Alonzo White is scheduled for the coming week as the team initiated basic network functionalities, as well as the initial distribution of ADA to stakepool operators.
However, Hammond mentions that:
At this stage of rolling out Alonzo, we don’t have all the core support mechanisms yet, even Plutus backend for that matter.
Delivery chief Nigel Hemsley correlates to what Hammond announces, forecasting that Alonzo White will begin in July - a few days. However, IOHK's partners and pioneers need to first make their scripts to fit such a transition, Hemsley stating that:
As soon as they can prove that they can send, validate, and chain run, then we are ready to go.
Hemsley also details the development of the Alonzo White as it is released, going as follows:
As we move into White, we’ll do it into steps that will incorporate the release of the new release of the node and an enhanced CLI with functionality in it that enabled people to calculate the execution unit needed automatically as well other functionalities that will enable users to develop advance applications.
Last month (May), IOHK released a tweet of Alonzo's roadmap, starting from Alonzo Blue since the announcement to Alonzo Black that will finish the Alonzo rollout. A video is attached to the tweet that gives details into each Alonzo stage, the Alonzo White details presented below. The tweet is also shown below and can be visited here: https://twitter.com/InputOutputHK/status/1397959272844206083.
Following Alonzo White will be Alonzo Purple, Alonzo Red, and, as mentioned earlier, Alonzo Black, then the HFC (Hard Fork Combinator) event in the last month of the third quarter (i.e. September) 2021 that will see full Plutus support, thus full support of smart contracts that will have ADA level up.
Further Reading
AMBCrypto - Cardano: Alonzo White can soon go live on testnet BUT these are the problems… - https://ambcrypto.com/cardano-alonzo-white-can-soon-go-live-on-testnet-but-these-are-the-problems/
Youtube (IOHK) - Cardano360 - June 2021 - https://www.youtube.com/watch?v=al5m14299ww
AMBCrypto - Cardano: First-ever Plutus smart contract goes live on Alonzo testnet - https://ambcrypto.com/cardano-first-ever-plutus-smart-contract-goes-live-on-alonzo-testnet/
Cardano Roadmap - Goguen - https://roadmap.cardano.org/en/goguen/
Wikipedia - Joseph Goguen - https://en.wikipedia.org/wiki/Joseph_Goguen
