[Digital Today Reporter Chigyu Hwang] Postcast reported on the 2nd (local time) that Cardano, a public blockchain platform that has been advocating an alternative to Ethereum, has completed the update of the’Mary’ hard fork.
With this update, Cardano will switch to a blockchain platform that supports multiple assets.
Users can issue native tokens and perform multi-asset transactions directly in Cardano, like Cardano’s native token, ADA.
This update will also lay the groundwork for Cardano blockchain-based use cases such as decentralized finance (DeFi), stablecoins, and non-replaceable tokens (NFT), Pocast said.
Forcast also cites Cardano developer IOHK, and native tokens are an important step in launching smart contracts in Cardano, allowing businesses and developers to benefit from the improved security, flexibility and lower cost provided by Cardano with multi-asset support. He added that it could be enjoyed.
Unlike ERC-20 based tokens issued on the Ethereum blockchain, native tokens created on Cardano do not require smart contracts. Smart contracts are developed to handle token production or transactions, and IOHK explains that native tokens can transfer values without a smart contract, so that assets can be transmitted and received and burned without paying transaction fees.
As Ethereum faces a problem in which fees increase significantly due to the expansion of transaction demand due to the spread of the DeFi ecosystem, Cardano’s actions in the future are noted.
Ada, a Cardano native token, is currently ranked third in the cryptocurrency market cap ranking after Bitcoin and Ethereum. Ada’s price has jumped more than five times this year alone. Based on this, although it was close to Ethereum in the market cap ranking, Ada is still far behind Ethereum in numbers. The market capitalization of Ada is $40 billion and Ethereum is about $178 billion.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.