After launching smart contracts and fully embracing decentralization, Cardano Foundation has set up its Cardano Registry
After the launch of smart contracts and fully decentralized adoption, the Cardano Foundation set up the Cardano Registry. In it, The registry is meant to provide all the necessary information that includes the name of a certain token, its ID as well as a list of its main functions.
Cardano has introduced Cardano Registry and a token registry for on-chain identifiers
Cardano is truly looking to be fully decentralized, and the Mary protocol upgrades – effective March 1, 2021 – are a testament. This is a major step forward for the development of the Goguen upgrade. By introducing smart contracts, anyone can mine tokens on the Cardano blockchain. Community members made a huge effort to earn 1,500 tokens and 600 tokens on testnet and mainnet respectively.
Native tokens arrived on the Cardano blockchain following the activation of the much-awaited Mary hard fork in early March. They are similar to ERC20 tokens that run on top of the Ethereum network. Overall, there are now more than 600 assets on the fifth-largest blockchain.
For the time being, Cardano is currently set up to introduce the Cardano Registry, which is intended to effectively keep a record of the minted tokens:
“Essentially, the Cardano Registry gives users access to the true character of native tokens deployed on Cardano through human-readable metadata and other descriptive information. Eventually, this data will be available to view alongside native tokens through both the Daedalus and Yoroi wallets.”
Developers don’t need to register their tokens. However, by doing so, they will make sure that the token is authentic, meaning that its name will not be replicated on the blockchain. These on-chain identifiers include public keys, hashes, token addresses, minting policies, among other things. It mandates developers and token creators to input their token details on the Cardano Registry.
Other advantages include the ability to verify tokens with the help of a Policy ID and viewing the most relevant metadata. Token registration proves the authenticity of the token and shows that the developers minted them according to the principles of the platform. Registered tokens can also be verified easily.
Also today, the cryptocurrency IRA platform announced that it will be introducing ADA to its list of available assets. The ADA can be accessed for investor IRA and 401k accounts. It will combine with BTC, XRP, and ETH, as well as LTC, DOT, EOS, and LINK.
Cardano is also expected to roll out smart contracts with the Alonzo hardfork by the end of August.
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