Input Output Hong Kong has announced that it has successfully completed the upgrade of its Alonzo testnet to the Alonzo White Network. The upgrade is part of the multi-phase upgrade consisting of three phases, blue, white, and purple.
Each upgrade will see Cardano include more features, functionality, and users, with the final Mainnet deployment expected in September.
Moving Closer To Smart Contract Facility
The upgrade will see Cardano increase testers and functionalities significantly, bringing smart contracts to the Proof-of-Stake blockchain, and officially mark the end of Cardano’s Goguen era. After the completion of the White era, We will see the Purple era, during which Alonzo will go public and be available to all Stake Pool Operators (SPO)
The upgrade is considered significant as it will allow Cardano to establish a substantial presence in decentralized finance (DeFi) and compete with fellow DeFi heavyweights such as Ethereum, Binance Smart Chain (BSC), and Solana.
Input Output Hong Kong will now monitor the new network over 24 hours while also working on the node to improve it further. Once the monitoring period has concluded, the team will go over and review feedback and then address any issues or fixes that need to be completed.
Introducing Djed – A Formally Verified Algorithmic Stablecoin
Input Output Hong Kong’s Global CEO, Charles Hoskinson, also took to Twitter to share the concept behind Djed, a groundbreaking Stablecoin design for DeFi. Mr. Hoskinson shared a screenshot of an article describing a “formally verified crypto-backed pegged algorithmic stablecoin.”
The new protocol is called Djed, and it acts as an “autonomous bank,” allowing the pegging to basic fiat currency through the buying and selling of underlying assets. It also stores a share of cryptocurrency in reserve to be used as a hedge against market volatility. This ensures that the reserve ratio is greater than one at all times.
So What Is New?
According to the authors of the Djed paper, the concept behind the stablecoin is novel because the stability claims of the protocol are mathematically stated and proven to be precise. The proofs are also verified by two different techniques: the “Bounded Model Checking” and “Interactive Theorem Proving.”
When pressed on Twitter by his followers on the value of the new invention, he responded by stating, “Algo stablecoin done,” assuring them that the product was indeed ready.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.