IOG, developer of Cardano (ADA), has launched the first testnet for their smart contract platform, “Alonzo Blue”. The first phase of the roadmap is scheduled to be completed around September with full implementation of the platform’s smart contract capabilities. Cardano’s development did not go unnoticed.
Popular crypto analyst Ben Armstrong recently revealed his 1,000,000 ADA holdings that he bought when the price of this cryptocurrency was below $0.15. The analyst was drawn to their scientific method and obvious stages of development.
This practice continues to this day. IOG has outlined every step that needs to be taken with Alonzo and the deployment of smart contracts. Charles Hoskinson, the inventor of Cardano, said this method takes longer to complete, but it reduces errors and provides a better result. The end users will be the most helpful. Armstrong He said:
Their roadmap has been very carefully designed to capture any corner situations that make mistakes to a minimum. Even on their website, they describe Cardano as peer-reviewed and evidence-based. This laser focus means Cardano is poised to be a powerful, lean machine ready to take the lead over its competitors.
. added Hoskinson and Cardano’s vision is to build a decentralized platform for government and corporate use with many real-world use cases Another reason to be optimistic about the project. Cardano, according to Armstrong, is trying to be more than just a transaction processing platform.
Cardano aspires to help second and third world countries move out of poverty and improve their people. A lot of the reasons countries like Colombia or Botswana are struggling is because they lack the infrastructure to protect people’s property.
ADA price prediction, an imminent parabolic move?
With the publication of Alonzo’s first tesnet and the establishment of recent IOG partnerships, Armstrong expects the price of ADA to rise 4x.
At the time of writing this report, ADA deals At $1.69 it was one of the most resilient cryptocurrencies during the recent crash. The 7-day and 30-day charts are shown in green with a gain of 11.4% and 14%, respectively.
The analyst expects it to reach $6.80 in this current cycle. However, this is a conservative prediction. Armstrong said the price could go further:
But that’s the thing that prepares the ADA for such a big pump. It has shown amazing resilience in the face of price fluctuations compared to other changes during this uptrend. It broke all-time highs repeatedly… I expect in the most optimistic scenario the ADA could reach $8-9 this year.
The analyst believes Cardano’s fundamentals are “bright”. There are different projects already running on the platform, such as Occam Finance, Lougheed Finance, and about 3,000 others, according to Armstrong. dApps will handle DeFi, DEX, a decentralized launchpad for fundraising, and more.