Bitcoin

Cardano’s upcoming fork introduces ‘Token Lock’ in front of Goguen

IOHK, the development wing behind Cardano, recently announced a new protocol fork, slated for mid-December.

Kevin Hammond, An IOHK software developer announced this this week Cardano will see a fork later this month as part of its transition into development time from Goguen. Although most observers associate bifurcation with trauma, Hammond said these events are being handled very differently in Cardano:

“”[…] “Cardano automatically handles the forks without stopping block production. This provides a unique and seamless update process that allows new features to be easily introduced and the functionality of the platform to evolve. “

The fork was developed to introduce new levels of efficiency into the Cardano network and activate the token lock function, which records how a token is used in the logbook.

Cardano’s upcoming fork introduces ‘Token Lock’ in front of Goguen
Cardano’s upcoming fork introduces ‘Token Lock’ in front of Goguen

Hammond stated:

“Blocking in this case means to reserve a certain number of tokens for a certain period of time so that they cannot be disposed of at a profit (e.g. vote or execution of a smart contract).”

Hammond says that Cardano will soon allow other custom tokens to be integrated into the blockchain that can be used alongside ADA, its native cryptocurrency.

Published in 2017 by Charles Hoskinson, Proponents have called Cardano an “Ethereum Killer” because of its scalability and advanced smart contract features. The project is known for its time-consuming roadmap, which so far has focused on the fundamentals of blockchain and decentralization. The Goguen era begins with the integration of smart contracts.

ADA is one of the top performing large-cap cryptocurrencies of the past year. a sign that investors are striving to advance Cardano’s development. The ADA token has returned more than 400% so far this year, including a recent brush with multi-year highs.

Similar Posts