The most epic fork in the road in human history!

Posted by : at

Category : blockchain


What is Cardano?

Cardano is a cryptocurrency network and open source project that aims to run a public blockchain platform for smart contracts. Cardano’s internal cryptocurrency is called Ada. The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.

Mary hard fork to go live on mainnet on 1 March

The Cardano blockchain is poised to enter a phase of significant change at the end of February. For the first time in our protocol’s history, users will be able to define their own custom tokens through the multi-asset ledger, adding a new layer of functionality and utility to the Cardano blockchain. This will be made possible through the Mary hard fork 127, one of the most important events to occur on the Cardano blockchain since the rollout of Shelley in July 2020. As part of the wider rollout of Goguen, Mary represents a step-change for Cardano — delivering long-awaited Cardano components to our community. Named after the mother of our native token’s namesake 41 (ada), Mary Lovelace, the Mary hard fork will be facilitated by IOHK’s hard fork Combinator 26. This will handle the seamless transition from Cardano’s current mainnet to Mary, and for the general ada holder, no user actions will be required.

###What impact will the Mary hard fork have on the Cardano ecosystem? We know that native assets and tokens will soon arrive on Cardano, but what can they be used for? Like other blockchains, tokens will be a central and core part of many decentralized applications launching on Cardano. This is likely to take the form of utility tokens, governance tokens, and tokens representing real-world assets. The important thing to remember is that while smart contracts are arriving shortly — and will form an important part of our ecosystem — they are not required to create a native token on Cardano. This means that as soon as the Mary hard fork is complete, you can create a user-defined native token on Cardano and begin using your newly created assets.

###What features will Mary deliver? The most important part of the Mary hard fork will be the orderly transition of Cardano from a single asset ledger — supporting only ada — into a multi-asset ledger. This will introduce support for multiple diverse user-defined tokens on Cardano. But what will this look like in practice? In short, it means that you will begin to notice new assets being exchanged on the Cardano blockchain. Like ERC-20 tokens that can be created and transacted on the Ethereum network, native tokens will open up similar functionality for Cardano — albeit with some fundamental differences and improvements.

Summary

2021 will be important for the crypto community and for humankind as a whole. I personally believe that the future is decentralized and with Mary hard fork we are one step closer.

credits
  • Cardano foundation
  • IOHK
About Dimitar Manovski

Hi, I'm Open source enthusiast, Software developer, Interested in Web development, robotics, IoT, Home Automation, 3d printing and Machine Learning.

Categories
Useful Links