This week, Cardano launches the first big platform update named Mary. Mary allows users to create a multi-asset network like Ethereum for Cardano. It would add new framework cases, functionality, and capabilities, as well as enabling users to create their own tokens.
With the new Mary update, users can generate tokens such as NFTs and transact directly with these on the Cardano platform.
A Multi-Asset Network
One of Mary’s key goals is to support Cardano move from a token network like Ethereum to a multi-asset network like it, albeit with a few distinct advantages.
IOHK states that the protocol’s authors say that users may use tokens to render transfers, but without the need for smart contracts.
Since sending a token on Cardano costs the same as sending ADA, tokens sent to Cardano are not more costly than sending its native token, ADA (unlike with Ethereum).
Cardano’s upgrade will arrive as the price of Ethereum has risen, rising past its 2018 year-start peaks.
An additional advantage of the expanding NFT industry is the overall development of DeFi (decentralized finance), which is rendered possible using cryptocurrency technology.
Because of the several major DeFi ventures developed on top of Ethereum’s blockchain, the price of ethereum rises, resulting in more users and a heavier data load on the network.
As Ethereum battles with sluggish transaction times and sky-high fees, competing cryptocurrencies like Cardano and Polkadot are battling for DeFi, NFT and stablecoin market share.
Cardano’s Recent Rise
Cardano is now rated third, behind Bitcoin and Ethereum, and in the past month ADA has seen a 250% rise because of expectations of an update. In the last year, Ada has soared more than 2,440 trillion.
Use cases previously unexplored by developers are now available to them, allowing them to build custom payment tokens for Web3 apps, fiat-pegged stablecoins, and nonfungible tokens.
The hard fork needed to switch from the testnet to the mainnet is a crucial juncture for Cardano.
It uses Cardano’s improved transaction rates, mission-critical protections, and lower fees, while still allowing use of native tokens and multi-asset support.
What is Cardano?
Cardano (ADA) is a 3rd-generation cryptocurrency that is developed by IOHK.
The ADA cryptocurrency on Cardano gives consumers the freedom to use smart contracts and decentralized applications. Cardano takes into consideration academic research in order to build a blockchain that is stable, fast, and scalable.
The Cardano project began in Tokyo, Japan, thanks to the support of a former Ethereum hacker.
Early on, inside the cryptocurrency community, it was known as the “Japanese Ethereum.” This name is no longer being used.
Cardano is an isolated blockchain not connected to any other networks.
The application has been developed from scratch using Haskell and Rust’s programming languages.
