Cardano Jumps on Multi-Asset Main Chain Transactions

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In Brief
  • IOHK announces Cardano users will be able to create their own tokens on the Cardano network.

  • The user-created native tokens will be used for transactions on the network.

  • Cardano is the sixth largest cryptocurrency by market capitalization.

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Cardano (ADA)users are set to get the ability to transact on the Cardano network using their own custom-built tokens.

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The Input Output (IOHK) team recently announced that Cardano (ADA) users will be able to create and use custom tokens for transaction on its network.

The user-built native tokens will be part of an update called “Goguen Mary”. The project named the update for Mary Shelley, the author of the Gothic novel Frankenstein.

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The tokens will exist on the Cardano network’s mainchain, This means that users can use them like the current native token ADA.

ADA will remain the network’s “principal currency” according to the IOHK team. However, Cardano becomes a multi-asset blockchain with the upgrade. According to the team, this will open up “a constellation of possibilities”.

“This MA capability will become a fresh development fulcrum for developers worldwide, further widening Cardano’s reach and potential.”

Tim Harrison – Marketing & Communications Director, IOHK

The team used a hard fork to implement the update on the Testnet a few days ago. The announcement pointed out that a release on the Mainnet will follow.

#6 For a Reason

Multi-asset blockchains are extremely rare in the cryptocurrency space. Most platforms either use smart contracts or sidechains to establish platforms with new native assets.

However, the cryptocurrency community knows the drive for innovation in the team at Cardano. Towards the end of the year, Cardano released another update called Allegra.

Allegra gave the network a ‘token-locking’ feature, a critical step in the team’s plans to introduce governance and smart contract functionality.

The move could put Cardano on par with Ethereum, the second-largest cryptocurrency by market capitalization. At this time, Cardano is sixth by the same metric.

What Next For the Top Project?

Both Goguen Mary and Allegra will eventually support the final upgrade of the network. This upgrade, called Voltaire, makes the network fully self-sufficient, according to the team.

The team goes on to say that if Cardano is to become a truly decentralized network, “it will require not only the distributed infrastructure introduced during the Shelley era but also the capacity to be maintained and improved over time in a decentralized way”.

If all goes well, Cardano could become one of the most interesting decentralized ledger projects in the space. The market seems to agree with this sentiment. From a low on Feb. 3 of $0.415166, the price rose over 35% to $0.562548 late on Feb. 5. At press time, ADA trades at $0.54.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

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