By Solomon Odunayo
The era that many Cardano community members have been waiting for is here. The emerging smart contract platform has officially advanced into the multi-asset era following the success of the much-anticipated Mary hard fork.
Cardano (ADA) Advances into Multi-Asset Era
IOG has officially announced the accomplishment of the much-awaited mission. Cardano Mary protocol upgrade was successfully implemented as slated.
IOG tweeted “MISSION ACCOMPLISHED!: We can confirm that the Cardano ‘Mary’ protocol update was successfully applied to the Cardano mainnet tonight at 21:44:51 UTC via a managed hard fork combinator event. Welcome to the beginning of an exciting new multi-asset era on Cardano ADA.”
MISSION ACCOMPLISHED!: We can confirm that the #Cardano ‘Mary’ protocol update was successfully applied to the #Cardano mainnet tonight at 21:44:51 UTC via a managed hard fork combinator event.
Welcome to the beginning of an exciting new multi-asset era on #Cardano $ADA 1/4 pic.twitter.com/vk3qDrIIds
— Input Output (@InputOutputHK) March 1, 2021
New Daedalus Wallet for Cardano Multi-Asset Era Released
Prior to the Mary protocol upgrade, IOG, the software firm behind the development of Cardano (ADA), announced the release of a new Daedalus wallet specifically designed for users as they advance into the Cardano multi-asset era.
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IOG tweeted, “OUT NOW: Introducing a new Daedalus wallet, ready and primed for the Cardano multi-asset era, following ‘Mary’ hard fork) which takes effect about an hour from now at 21:44:51 UTC.
“Our first ever mainnet multi-asset wallet, Daedalus Flight 4.0.0-FC1 is released initially under our UAT testing program for Daedalus power users, enabling the sending and receiving of native tokens alongside Cardano ADA.
“Existing Daedalus Flight users should find an update alert now waiting for them in their wallet newsfeeds. You can find full release notes here.”
Why Mary Protocol Upgrade Is Good For Cardano (ADA) Now
Mary protocol upgrade that requires a hard fork of the Cardano blockchain is a significant level for the smart contract platform. As aforementioned, the hard fork brings native tokens and multi-asset support. It’s also expected to boost the transaction speed on the network, enhanced security and lower transaction fees.
According to Tim Harrison, IOHK marketing and communications director, as reported by Decrypt, dispensing with the need for smart contracts “means that the accounting ledger will track the ownership and transfer of assets instead, removing extra complexity and potential for manual errors, while ensuring significant cost efficiency.”
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This indicates that as Ethereum has ERC-20 and ERC-721 token standards for non-fungible tokens, Cardano now has its own version.
Since Cardano blockchain supports tracking and accounting, the tokens created on Cardano network won’t need Ethereum smart contracts.
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