Everything you need to know about Cardano’s Hard Fork – Latest News, Breaking News, Top News Headlines

2021-03-03 03:23:21

After having had a great performance in the market during the last month, with the increase in the price of its cryptocurrency, ADA, Cardano has launched its latest Hard Fork. With it, the Blockchain created by Charles Hoskinson hopes to get one step closer to competing directly with Ethereum. For this reason, today we tell you everything you need to know about the Cardano Hard Fork.

What is a hard fork?

Despite the fact that Blockchain technology is, without a doubt, one of the most advanced on the planet. If blockchains are not constantly updated they run the risk of becoming obsolete. As other Blockchains integrate more advanced capabilities in their operation, and therefore they are preferred by users.

For this reason, the developers of the crypto community tend to constantly work on new versions for their blockchains. They are known as “Hard Forks”, and consist of updates in the code of a Blockchain that alter the mining protocol of the nodes of the blockchain.

Hard Forks, like the one Cardano experienced yesterday, require the approval of most of the Blockchain nodes to be implemented. And once executed, these nodes must update their protocol to be compatible with the new version of the blockchain. So, although they are necessary for the advancement of Blockchain technology, hard forks are not that common.

«Mary» the new version of Cardano

One of the best known features of Ethereum is the ability it provides to its users for the creation of native ERC-20 tokens. Thus, any user within the ETH Blockchain can design and launch their own token. Which will work within the Ethereum blockchain using its infrastructure.

Thus, several of the main tokens of today were part of the Ethereum Blockchain. Including BNB, Binance’s cryptocurrency that before having its own blockchain, functioned for years as an ERC-20 token. While others are still hosted within ETH, as is the case with Tether, the world’s most important stablecoin.

This capacity is one of the reasons why Ethereum managed to become a great success in the crypto world. For this reason, Cardano, one of the Blockchains that aspire to become Ethereum’s replacement as the leading blockchain in the creation of decentralized applications, now integrates the possibility of creating tokens within its chain with its new “Mary” hard fork. Named for author Mary Shelley.

The value of tokens for Cardano

This Hard Fork on the Cardano Blockchain entered testing phases since the beginning of February. When it was integrated into the public testnet of the Blockchain so that it could be tested by the project developers. Guaranteeing that it did not have any failure before its official launch yesterday.

With this update, Cardano hopes to open a new range of possibilities for the project developers. Which will be able to create their own tokens for decentralized applications and smart contracts of all kinds. An element without which it is impossible to create decentralized finance projects and other applications, which are currently preferably hosted on the Ethereum and Binance chains.

Because of this, Charles Hoskinson has called Mary a landmark upgrade for Cardano. Clarifying that the tests carried out before the launch of this Hard Fork were a success. With developers and exchanges demonstrating their satisfaction with the new operation of the Blockchain.

Something that has been reflected in the figures reached just one day after the update was released. A total of 1,434 new tokens based on the Cardano network having been created in this period of time, a true record that puts the blockchain on track to compete with Ethereum and Binance Smart Chain for leadership in the decentralized applications sector. .

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