Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
Cardano has released its latest roadmap for the rollout of its highly anticipated Goguen updates. This was revealed in a tweet with Cardano expected to deliver most parts of the update by the end of February 2021.
Goguen is important in Cardano’s development, as it enables the blockchain to become a smart contract platform. This is because it brings a shift in the Cardano network from making transactions alone to becoming a utility platform. Thus startups and developers can build dApps that would have real-world applications.
Furthermore, the addition of transaction metadata to the Cardano blockchain will enable the use of cases in decentralized identification (DeIDs). This feature is developed using the Atala product suite is expected to offer immutable supply-chain records.
Cardano also revealed the ERC-20 converter, which can convert the ethereum-based token to Cardano tokens. The ERC-20 converter is one of the biggest projects within the Cardano ecosystem with huge potentials for blockchain interoperability. The converter will allow projects and tokens, including NFTs and other digital assets, on Ethereum to port onto Cardano blockchain. A live demo was displayed, showcasing the conversion of AGI tokens in a meta mask wallet into Cardano tokens.
Cardano To Roll-Out Native Tokens
Cardano also revealed that native assets would begin to be rollout on the Cardano blockchain. According to an image, the roadmap for the pre-production of tokens will occur in December. Cardano chief Charles Hoskinson uploaded a video to Twitter in which he addressed different updates on the platform.
Hoskinson highlighted that the major difference between ERC-20 tokens and Cardano tokens is in the architecture. Unlike in the Ethereum blockchain where Ether is given preference over other tokens. Cardano would offer no bias to ADA over any asset issued on its blockchain network. He also spoke about the native asset standard that had been integrated into the ERC-20 convertor.
“The point of the Native Asset Standard in the ERC-20 convertor is to establish a co-evolution of the technology and the commercialization of the technology…we’ve been using that as a way to create a conversation with those who want to migrate or build on Cardano.” He said.