- Cardano’s Mary upgrade will happen at 9 PM UCT time.
- The Mary protocol will enable multi-asset and native token functionality on Cardano.
- ADA price has surged since the Mary Upgrade was announced by IOHK.
Cardano confirms that its much awaited Mary Upgrade is less than 24 hours away. In fact, the Mary hard fork is set to launch today at 21:44:51 UCT time.
The Mary upgrade is part of the Goguen suite of upgrades and is predated by the Shelly and Byron upgrades. Cardano used the Hard Fork Combinator (HFC) approach for past upgrades and will use it again for this upgrade.
The HFC approach lets protocols combine without any system interruptions or restart. Usually, a hard fork results in the death of the previous protocol. However, with HFC, Cardano will retain Byron and Shelley blocks within the Mary protocol.
In fact, Cardano has granted exchanges and other parties integrated into its network access to the Mary testnest. Cardano hopes that testnet access will help exchanges integrate smoothly with Mary. As a result, many exchanges have said that they are ready to support the new upgrade. This includes top exchanges like Binance.
The Mary hard fork will boost Cardano’s ability by adding two key features. One feature that will be added after the upgrade is native token capabilities. The other feature that will be added to Cardano is multi-asset capabilities.
With the Mary upgrade, users will be able to create tokens on Cardano. Users will have the option of using one of three methods to create tokens based on their skill level.
- Cardano command line interface which is for advanced users (CLI).
- Token builder graphical user interface (GUI) for intermediary users.
- Daedalus wallet will support multi-assets and is geared towards users that don’t wish to create their own tokens.
The Daedalus wallet will be the first Cardano multi-currency wallet. Cardano reported that it launched the Daedalus Flight on its testnet. Currently, Daedalus supports devs and SPOs to test native coin transfers along with ADA.
According to IOHK, the Daedalus flight will be launched on the mainnet at the same time with the Mary hard fork. The wallet will remain in ‘flight mode’ for final testing until its eventual official launch.
Cardano native tokens will help cut costs while improving transparency, and liquidity. Native token support will have the added benefit of removing the need for smart contracts which will reduce costs. Smart contracts require fees for token creation, value transfer, transactions, and burning. As a result, high fees on the Ethereum network has become a growing point of concern.
Smart contracts are complex, they use event-handling logic to track transfers. However, with the Mary upgrade, Cardano will use an accounting ledger to track multi-asset transfers constantly. The ledger will track transfers removing the risk of inputting error.
The Mary upgrade will also support tokenization which lets users create tokens to represent real assets in digital form.
Cardano now has the third-highest crypto market cap. Since the IOHK’s notice about the Mary upgrade, ADA price has been on the rise. Analysts predict that Cardano is the altcoin most likely to break-out in 2021.
ADA fans like @RichardMcCrackn commented on Twitter, voicing strong support for the blockchain network.
There will never be a Cardano 2.0 because Cardano is being built correctly.
— Rick McCracken DIGI (@RichardMcCrackn) February 28, 2021
ADA also set a new ATH of $1.48 based on CoinGecko data.