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Is Cardano about to “eat” the current financial system?

Supporters of the cryptocurrency Cardano (ADA) have reasons to celebrate again. The company has announced the testing of smart contracts, which will turn it beyond recognition and bring huge opportunities for further development. Founder Charles Hoskinson also commented about what cryptocurrencies can do to the current financial system.

Despite the slump, ADA remains one of the leaders of the crypto market

Cardano (ADA) has once again come to the forefront of the cryptocurrency world. This was caused by a report that talks about the introduction and availability of smart contracts on this platform. The total market cap of cryptocurrencies increased by 4.4% during Sunday and is currently around $ 1.6 trillion. The leader in this growth was Cardano, which gained more than 17% and its price is around $ 1.67. With a total market cap of more than $ 53 billion, it is the fourth largest cryptocurrency.

Before the bustling of cryptocurrency markets on May 19, ADA was one of the best-performing assets up to $ 2.46, before it fell along with the rest of the market. However, even after this collapse, it seems that the mood of the supporters of this cryptocurrency remains positive and it is not for nothing that they are referred to as the most loyal community in the crypto space.

The arrival of smart contracts is crucial information for Cardano

The development part of the Cardano project is handled by Input Output Hong Kong (IOHK). They informed about a novelty in the form of the Alonzo smart contract, which will be gradually introduced to the testnet. The first users will be able to test it in the initial stage “Alonzo Blue”, as an alpha testnet already during June. In this phase, cooperation begins with the Plutus project and other pioneers of Cardano smart contracts.

Cardano (ADA) cryptocurrency physical coin with one dollar bill Cardano (ADA) cryptocurrency physical coin with one dollar bill, Source: shutterstock.com “The Alonzo hard fork will bring exciting and highly-anticipated new capabilities to Cardano through the integration of Plutus scripts onto the blockchain. These will allow for the implementation of smart contracts in Cardano, enabling the deployment of a wide range of new DeFi applications for the first time.” Input Output Hong Kong about Alonzo smart contract

Alpha partners have been selected to bring the Cardano network the widest possible range of different tools – decentralized exchanges, lending and borrowing, stablecoins, NFT and DeFi tools. The main goal of the Blue phase is to detect and correct any deficiencies so that the most stable code can be created. In the next phases, White and Purple, the expansion of the group of testers is expected, and Purple should be the version almost ready for the public launch, which is expected in August this year.

The founder of Cardano claims that the current financial system and central banks are outdated and will be absorbed by cryptocurrencies

In a recent interview, Cardano founder, Charles Hoskinson, also shared his thoughts. He claims that cryptocurrencies will take control as they simply offer a better way. Of course, he also warmed soup for his project, adding that Cardano will be one of the cryptocurrencies that will destroy the current financial system also thanks to the support of the smart contracts. To a large extent, he also openly criticizes the banks and says that they got into this situation through their own fault.

default Charles Hoskinson Cardano (ADA) Founder, Source: coinmarketcap.com “It wasn’t us who charged 15% to some of the poorest people in the world to move their money home to take care of their parents. It was the people who ran the old system. It wasn’t us, in this industry, who charge 85% interest to lend $ 100 to a subsistence farmer, desperately trying to survive after a drought.” Charles Hoskinson, Cardano Founder

He also highlights the mistakes of the banking system, such as nepotism and the pursuit for profits at all costs. He despises their complicity in money laundering, for example from drugs or oil, and sees cryptocurrencies as the only cure for this situation.

“Never allow them to say ours is the industry that’s the risk. Ours is the industry that’s the antidote to the excesses, corruption, and nepotism that we’ve found. This is an industry of frustration that has now been replaced by an industry of creativity and innovation. We’re going to change the world.” Charles Hoskinson, Cardano Founder

The banking sector has a huge advantage over cryptocurrencies in terms of total capitalization and the number of users. However, Hoskinson believes that this is only a temporary situation that will change soon. According to him, cryptocurrencies are a genie that can no longer be returned to the bottle, and therefore central and commercial banks must gradually disappear.

Slavomír is working in the field of cryptocurrencies since 2018. As a Co-Founder and Chief Marketing Officer of Dollero Technology, which is currently developing a crypto exchange ...

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