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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.

Cardano recently reached its all-time high of $1.48, which was inspired by the news of its hard fork.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.