According to the latest development, Cardano (ADA) Mary protocol update has been fully confirmed for 1st March 2021, which is a few days’ time.
The upcoming update has been seen as a vital milestone on the road to the Goguen era. This update brings native tokens, multi-asset functionality, and various use cases to the Cardano network.
IOG tweeted, “WE’RE ON!! We can today confirm that the ‘Mary’ Cardano protocol update is now fully confirmed for March 1st. Another key milestone in the Goguen rollout, the update introduces native tokens & multi-asset support, bringing exciting new use cases for Cardano.”
WE'RE ON!! We can today confirm that the ‘Mary’ #Cardano protocol update is now fully confirmed for March 1st.
Another key milestone in the #Goguen rollout, the update introduces native tokens & multi-asset support, bringing exciting new use cases for #Cardano 1/3 pic.twitter.com/FFK0cGNbmD
— Input Output (@InputOutputHK) February 24, 2021
The software company further stated that the proposal for the Mary update to mainnet will soon be submitted, adding that the upgrade will “take effect via a hard fork combinator event at the border of epoch 251 at 21:44:51 UTC on March 1st 2021 Cardano.”
Why Mary Protocol Update is Important for Cardano
The Mary protocol update is a key aspect of the Goguen era of Cardano development. According to Cardano roadmap, “Shelley era decentralizes the core of the system, Goguen adds the ability to build decentralized applications (DApps).”
“Goguen will also see improvements to the core Cardano offering. Most significantly, the addition of a multi-currency ledger will extend the usefulness of Cardano even further, enabling users to create new natively-supported tokens. This will allow the creation of fungible and non-fungible tokens, supporting the creation of new cryptocurrencies on Cardano as well as the tokenization of many types of digital and physical assets.“
The software company in a blog post explained what this much-awaited update is all about. The blog post reads in part as follows:
“The Goguen ‘Mary’ update – named after author Mary Shelley – introduces the ability to create user-defined tokens. These custom tokens will be ‘native’, so they can be transacted directly on the blockchain, just like ada. While ada will remain Cardano’s principal currency, Cardano will transform into a multi-asset (MA) blockchain, opening up a constellation of possibilities. This MA capability will become a fresh development fulcrum for developers worldwide, further widening Cardano’s reach and potential...
A member of Cardano Foundation, Elliot Hill also highlighted the significant of the upcoming protocol update in a Medium post:
“The important thing to remember is that while smart contracts are arriving shortly — and will form an important part of our ecosystem — they are not required to create a native token on Cardano. This means that as soon as the Mary hard fork is complete, you can create a user-defined native token on Cardano and begin using your newly created assets.
“Native assets could be used to mint non-fungible tokens, or ‘NFTs’, which can be used to represent a huge range of unique real-world and digital assets. For example, an NFT could be minted which represents a fractional equity stake in a forestry biodiversity initiative. This could be traded on digital asset exchanges, and held by those looking to offset their carbon footprint via the Cardano blockchain.