This hard fork will allow users to create tokens that can run on the same blockchain as Cardano’s native token, ADA. This now means Cardano shares a striking similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.
The impact of this hard fork saw the value of Cardano’s ADA jump 10.46% in the last seven days amid a price drop for many other top cryptocurrencies.
Cardano, Now A Multi-Asset Blockchain
Cardano joined the elite league of multi-asset blockchains after it completed its hard fork on March 2. Named Mary after a famous portrait of “Frankenstein” author Mary Shelley by Richard Rothwell, the hard fork will give users the ability to create tokens that are native to the Cardano ecosystem.
ADA is believed to remain Cardano’s principal token as it evolves into a multi-asset blockchain. This watershed moment in Cardano’s history has striking similarities to Ethereum enabling new coin tokens in 2017, which brought new cryptocurrencies to market.
Charles Hoskinson – the founder of IOHK, which serves as the parent company to Cardano – referred to the event as a historic moment for Cardano. He further added that making the transition to multi-asset after the hard fork should be a fairly simple process. “We’ve been testing it for almost a month, and the test looks good. Exchanges are happy,” he said.
The upgrade was a seamless procedure for Cardano because it used a hard fork combinator to blend protocols without causing any glitches or interruptions to the network.
On the Flipside
Cardano, Three Years in But Setting the Pace
Cardano began its development in 2015 and was launched by Charles Hoskinson in 2017. As a cryptocurrency, Cardano aims to run a public blockchain platform for smart contracts, and it runs on ADA. Cardano’s supply limit is pegged at 45,000,000,000 ADA, and it currently has 31,948,309,441 ADA in circulation.
Cardano recently reached its all-time high of $1.48, which was inspired by the news of its hard fork.
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Source: Cryptocurrency - investing.com
