Cardano a Multi-Asset Blockchain After Hard Fork
DailyCoin
Published Mar 05, 2021 03:11AM ET
Updated Mar 05, 2021 06:30AM ET
Cardano a Multi-Asset Blockchain After Hard Fork
- Cardano has become a multi-asset blockchain.
- Dubbed “Mary,” the hard fork will give users the ability to create tokens that can run on Cardano.
- Charles Hoskinson, the founder Cardano parent company IOHK, called the change simply “historic.”
- Cardano recently reached an all-time high of $1.48.
Cardano, the fourth-largest cryptocurrency in the world by market cap, just hit another major milestone that will make it a multi-asset blockchain. It achieved this after completing a hard fork called“Mary” on March 2.
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
- Gas fees are slowing down Ethereum’s price recovery, experts warn.
- Despite a recent market cooldown, ETH is still exhibiting an average 12-month gain of over 500%.
- Bitcoin investment trust Grayscale adds 174,000 Litecoins to its portfolio.
- Grayscale was recently reported to manage a total crypto portfolio worth over $40 billion.
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.
Get The News You Want
Cardano recently reached its all-time high of $1.48, which was inspired by the news of its hard fork.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.