IOHK announces Cardano users will be able to create their own tokens on Cardano network, ADA price up to 15%

Cardano users are set to get the ability to transact on the Cardano network using their own custom-built tokens. At press time, Cardano price is trading around $ 0.575, up to 13% in the last 24 hours.


ADA/USD 4-hour chart | Source: TradingView

Cardano price jumps on multi-asset main chain transactions

The Input-Output (IOHK) team recently announced that Cardana users will be able to create and use custom tokens for transactions on its network. The user-built native tokens will be part of an update called “Goguen Mary”. The project named the update for Mary Shelley, the author of the Gothic novel Frankenstein.

The tokens will exist on the Cardano network’s main chain, which means that users can use them like ADA. However, Cardano becomes a multi-asset blockchain with the upgrade. According to the team, this will open up a constellation of possibilities.

They stated:

“This MA capability will become a fresh development fulcrum for developers worldwide, further widening Cardano’s reach and potential.”

Tim Harrison – Marketing & Communications Director, IOHK said:

“The team used a hard fork to implement the update on the Testnet a few days ago. The announcement pointed out that a release on the Mainnet will follow.”

Multi-asset blockchains are extremely rare in the cryptocurrency space. Most platforms either use smart contracts or sidechains to establish platforms with new native assets. However, the cryptocurrency community knows the drive for innovation in the team at Cardano. Towards the end of the year, Cardano released another update called Allegra.

Allegra gave the network a ‘token-locking’ feature, a critical step in the team’s plans to introduce governance and smart contract functionality. The move could put Cardano on par with Ethereum, the second-largest cryptocurrency by market capitalization. At this time, Cardano is sixth by the same metric.

Both Goguen Mary and Allegra will eventually support the final upgrade of the network. This upgrade, called Voltaire, makes the network fully self-sufficient. The team goes on to say that if Cardano is to become a truly decentralized network, it will require not only the distributed infrastructure introduced during the Shelley era but also the capacity to be maintained and improved over time in a decentralized way.

If all goes well, Cardano could become one of the most interesting decentralized ledger projects in the space. The market seems to agree with this sentiment. From a low on February 3rd of $0.415, the price rose over 35% to $0.5625 late on February 5th.

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