Upcoming Cardano hard fork to introduce ‘token locking’ ahead of Goguen

IOHK, the event arm behind Cardano, lately introduced a brand new exhausting fork of the protocol scheduled for mid-December. 

Kevin Hammond, a software program engineer at IOHK, revealed this week that Cardano will bear a tough fork later this month as a part of its transition to the Goguen improvement period. Though most observers affiliate exhausting forks with trauma, Hammond stated that these occasions are dealt with a lot in another way on Cardano:

“[…] Cardano handles exhausting forks routinely, with out stopping block manufacturing. This offers a uniquely easy improve course of that permits new options to be launched simply and evolve the platform’s capabilities.”

The exhausting fork is designed to introduce new efficiencies to the Cardano community and allow the “token locking” characteristic, which information how a token is being utilized on the ledger.

Hammond defined:

“Locking, on this case, means ‘reserving’ a sure variety of tokens for a specified time period so that they can’t be disposed of to achieve a profit (comparable to voting, or working a wise contract).”

Hammond says Cardano will quickly allow integration of different customized tokens into the blockchain that can be utilized alongside ADA, its native cryptocurrency.

Launched in 2017 by Charles Hoskinson, Cardano has been dubbed by proponents because the “Ethereum killer” for its scaling capability and superior good contract options. The challenge is understood for its time-consuming roadmap that has to date centered on blockchain foundations and decentralization. The Goguen period kicks off good contract integration.

ADA is among the top-performing large-cap cryptocurrencies of the previous yr, an indication that buyers are rallying round Cardano’s improvement progress. The ADA token has returned greater than 400% year-to-date, together with a latest brush with multiyear highs.