Aaron Arnold: Up-Coming Smart Contracts Could Send ADA Price To ATH
A popular cryptocurrency trader and analyst Aaron Arnold believes that an upcoming development for Cardano could act as a price catalyst for the network’s native token, ADA, in the coming weeks.
In a recent video, the host of Altcoin Daily shares with his 925K YouTube subscribers that Cardano is could be ready to explode as the Ethereum competitor gears up for the release of its highly anticipated update, which brings smart contracts to the network.
“Cardano could be ready to retest all-time highs. I believe that [at time of] recording, Cardano is above $2 right now. Cardano is back in the green following a [six-month-long] consolidation period. The big news of the day is all about Cardano. If you are a Cardano believer, if you are an ADA holder, this is the announcement that was made regarding smart contracts earlier today.”
The analyst refers to the announcement made by Nigel Hemsley, the head of delivery and projects at Cardano developer Input Output Hong Kong (IOHK). Hemsley announced that Cardano is preparing to launch full smart contract capabilities on September 12th.
Arnold also covered Kevin Hammond’s statements explaining why the release of Cardano’s smart contracts could be a huge development for the third-largest cryptocurrency. Hammond is the Community Manager at IOHK.
“We’re expecting some new application right from the very start, including the ones that our Plutus partners are working on, with more arriving after the hard fork. Of course, this is really a completely new era for Cardano because with the hard fork, what we’re doing is delivering the core smart contract and scripting capability that all these applications can start to build on. Initially, there’s going to be a focus on CLI [command line interface] as we’ve done with the Blue, White and Purple testnets.
But as we roll out the PAB [Plutus Application Backend], that’s going to improve the developer experience, making it easier to develop complex DApps [decentralized applications] with both integrated and on-chain components. All of them are going to be written in a safe and verifiable environment. The best thing, of course, is that all of these additional functionalities, all of the new DApps that people are going to be writing, won’t require another hard fork.
Once we’ve gone to Alonzo, all scripting capability is going to be there. People can pick it up. They can use it. We will be in a situation where people can develop the applications they want to, the DeFi [decentralized finance] applications they want to, on Cardano.”
