Cardano Cryptosystem About to approach Launch of Smart Contracts

The cryptosystem of Cardano is about to launch smart contracts. According to an internet portal that provides up-to-date statistics on Cardano metrics, holders have locked up almost $31 billion in ADA in 667,456 staking addresses.

Launch of Smart Contracts Approaches, Cardano Stores Billions Worth of ADA

According to PoolTool, an online platform that gives up-to-date data on Cardano metrics, holders have locked up almost $31 billion in ADA in 667,456 staking addresses.

By putting coins into the protocol to authenticate network transactions, crypto investors may earn rewards on their holdings. Those assets are locked up for a specific amount of time while staking, after which they become unspendable. 

With Cardano, users may unlock their staked ADA and spend it whenever they choose. 

The 667,456 stake addresses show an 11% growth since early June when Cardano cleared the 600,000 address mark. According to PoolTool, the addresses are divided among 2,665 active pools.

The $31 billion in Cardano stake equals over 71% of the digital asset’s entire supply of $44.20 billion.

Cardano Urgently Requires Smart Contracts:

The entire quantity of ADA staked considerably outnumbers the amount of Ethereum currently put into the ETH 2.0 smart contract. 

According to analytics site Etherscan, ETH holders seeking to become validatory have collectively locked up about 5.98 million ETH worth $13.74 billion at the time of writing.

If you’re wondering what the biggest difference between BTC and ETH is, it’s smart contracts. Bitcoin can only be used as money without them. Ethereum may build decentralized apps with them.

These “dApps” power the games, decentralized exchanges, and other creative apps that have contributed to Ethereum’s success. A smart contract is essentially a piece of immutable code, or software, that functions as an intermediary between two or more parties during a transaction.

Cardano is a smart contract technology that enables money transfers without relying on third parties. The quicker Cardano can make its smart contract capability available to the public, the better for the network’s security and scalability.

This is because smart contracts live alongside all other transaction data on a blockchain.