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Cardano (ADA) has updated its three-year ...

Cardano (ADA) Updates 3-Year High Pending Testnet Hard Fork
CONTENT

  • Cardano blockchain will introduce native coin tokenization

  • The project intends to increase competition with Ethereum

  • Mainnet update scheduled for late February

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The Cardano testnet will receive a native tokenization mechanism. Developers hope it will surpass ERC-20 and ERC-721 standards

Cardano (ADA) has updated its three-year ...

Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More of the Cardano project, ADA, tested the January 2018 highs of $ 0.47 amid an upcoming testnet hard fork. At the time of writing, the ADA is trading at $ 0.418. The coin ranks sixth in the Coinmarketcap rating with a capitalization of over $ 12 billion. Despite the correction from the highs, the coin remains the growth leader among the top 10 coins in a weekly ratio. 

Cardano chart. Source CoinGeko

Cardano has big plans

The test network of the Cardano blockchain is preparing for a hard fork, which is scheduled for February 3 at 11:20 pm Moscow time. This was announced by the developers of the ecosystem.

After the hard fork, the project will receive an updated version of the Goguen mechanism for native tokenization. However, it’s worth noting that Cardano hard forks differ significantly from traditional forks..

Today at 20:20:16 UTC (the next testnet epoch rollover) we’ll hard fork the #Cardano Testnet & apply the #Goguen native token upgrade (aka ‘Mary’), transforming it into a multi-asset network. Next comes mainnet, targeted for the end of February. Onward.https: //t.co/C6uGDeUvGV

– Input Output (@InputOutputHK) February 3, 2021

Cardano (ADA) has updated its three-year ...

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In particular, network updates do not lead to blockchain splitting. This is mainly due to the automatic nature of the update, according to IOHK software engineer Kevin Hammond. Mainnet upgrade scheduled for late February.

Discreet update

The Goguen engine is expected to surpass the tokenization standards implemented for ERC-20 and ERC-721 by the Ethereum blockchain.

For example, Ethereum-based tokens are not independent, but only a “wrapper” based on the blockchain. This is due to the fact that tokens created according to the ERC-20 and ERC-721 standards are fundamentally different from ether, the native cryptocurrency of the Ethereum blockchain..

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However, with the help of Goguen, developers will be able to deploy their own tokens on the blockchain without using smart contracts. Native tokens will differ from ADA in two ways:

  • they can be created and destroyed;
  • Cardano (ADA) has updated its three-year ...
  • they do not participate in the work of the Cardano blockchain (payment of commissions, etc.).

The efforts of the Cardano developers to develop the project have already borne fruit. As the BeInCrypto editors wrote earlier, almost 70% of all ADA tokens are staked. Such a large volume of tokens blocked in staking made Cardano the most decentralized project in the industry..

However, the success of the project does not extend to the marketing part. So, earlier the founder of Cardano Charles Hoskinson caught Wikipedia of censorship and public lies after the digital encyclopedia removed the page about the project.

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