4.3.2021 | 09:20
Cardano (ADA) mutates into multi-asset network after hard fork ‚Mary‘
Hard fork Mary will allow users to create tokens on Cardano in the future. The upheaval marks a milestone on the road to a multi-asset ecosystem.
The Cardano network has taken a significant step back on the road to a multi-asset network with its next hard fork. As part of the Goguen rollout, Mary enables the creation of tokens and Bitcoin Investor smart contract applications on the blockchain for the first time. Thus, Cardano is maturing more and more into an Ethereum competitor.
Cardano takes next hurdle
Yesterday evening, Mary was implemented in Cardano via the Hard Fork Combinator. As part of the Goguen rollout, Mary heralds a new Cardano era. While last July’s Hard Fork Shelley was an important door opener for the decentralisation of the network by introducing Staking Rewards, Mary is gradually transforming Cardano into a multi-asset network.
In future, users will be able to set up native tokens as well as smart contract applications on Cardano. In this way, the developers are creating the basic framework for a broad DeFi architecture that will challenge the supremacy of the Ethereum network and also the upstart Binance Smart Chain (BSC), especially through low fees. But even if Mary represents an important milestone, Cardano is still at the beginning on the way to a multi-asset environment.
According to the Cardano Forum, the next steps are „the creation of a Cardano token registry and the release of new versions of Daedalus Flight 370“. In this regard, Daedalus will in future „include a token generator with a user-friendly interface for easy creation and deployment of native tokens“. With Mary, Cardano has moved into the third of a total of five development phases.
A Hard Fork
A hard fork is a fundamental intervention in the blockchain history and in the case of Bitcoin and Ethereum led to the offspring Bitcoin Cash and Ethereum Classic. Cardano is different. The hard forks are part of the network evolution and fit seamlessly into the existing infrastructure. „Rather than implementing radical changes, Cardano provides a smooth transition to a new protocol while saving the history of previous blocks,“ the forum continues.
After a transition period, the Shelley blocks of the blockchain will have the Mary blocks attached to them. Thus, the history does not change. The blockchain ensures the complete comptability of the Byron, Shelley and Goguen blocks. For ADA investors, the hard fork does not change anything either; they do not have to migrate their tokens.
A burgeoning decentralised crypto economy
Blockchain company EMURGO, co-founder of the Cardano protocol, calls it a „significant update“ that opens up „a world of opportunity“ for developers and businesses. The transformation to a multi-asset environment unleashes „a wide range of services and solutions such as decentralised finance (DeFi), non-fungible tokens (NFT) and stablecoins“. This is paving the way for a „burgeoning decentralised crypto-economy“.
On the ADA exchange rate, Mary has admittedly fizzled out immediately. On a daily basis, Cardano is down 3.7 per cent. However, with a gain of 241 per cent in a 30-day comparison, the expectations have already been priced in. ADA only reached a new record high of 1.48 US dollars on 27 February. Looking ahead to the upcoming upgrades, ADA is likely to vehemently maintain its place in the top five largest crypto assets in the coming months. However, with only one billion US dollars less in market capitalisation, Binance Coin (BNB) has already taken up the chase for third place.