Cardano Announces Latest Upgrade (Mary) to Its Mainnet

Cardano Announces Latest Upgrade (Mary) to Its Mainnet

Cardano announced yesterday that it has successfully implemented an upgrade to its network, noting that this is a crucial milestone.

The company mentioned that the update introduces Goguen features of native token functionality and multi-asset support. Goguen is a significant upgrade on the Cardano roadmap and introduces smart contracts and enables users to build dApps.

According to a blog post by IOHK, native tokens will give Cardano multi-asset support, enabling users to create unique tokens and facilitate transactions with them on the blockchain.

The recent upgrade, Mary, helps the ledger’s accounting infrastructure to process ADA transactions alongside transactions from several other asset types. The company highlighted that native support bestows some distinct advantages to developers, given that the need to create smart contracts to handle custom token creation has gotten eliminated.

Developers now build tokens on the Cardano network for virtually everything, including NFTs and tokenized stocks or commodities. According to Token Tool, there are already 1,400 uniquely designed tokens on the network. However, it appears that many of these tokens were created as experiments, as most do not have any purpose.

Meanwhile, the IOHK blog post reported that the tracking and accounting of custom tokens on Cardano is supported by the ledger natively, which is said to be a better alternative to Ethereum’s ERC-20 standard. The blog post added that: “Because native tokens do not require smart contracts to transfer their value, users will be able to send, receive, and burn their tokens without paying the transaction fees required for a smart contract or adding event-handling logic to track transactions.”

ADA Price Spikes in the Run-Up to the Upgrade
In other news, ADA has rallied in the run-up to the system upgrade, helping the cryptocurrency to snatch the number three spot from Binance Coin (BNB) a few days ago.

That said, Cardano (ADA) has surged by about 240% in the past thirty days and has rallied by more than 2,500% over the past year.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.