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Learn about the upcoming update of the Cardano “ADA” project and its impact?


Learn about the upcoming update of the Cardano “ADA” project and its impact?

At the time of preparing this article, Cardano is ranked third after Bitcoin and Ethereum.

Today morning, we touched upon the remarkable rise in the price of the digital currency "ADA" and the factors that contributed to the currency's rise to the current recorded levels:

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Among the reasons we discussed in the above-mentioned article is the approaching time for the split and the update scheduled for March 1, 2021, which many trading platforms began to support, including the Binance platform.

Cardano Update:

The Cardano blockchain is scheduled to move from its current beta version to the mainnet version by March 1, according to an update and a statement made by Charles Hoskinson on February 16th.

The new update is called "Marie", which will automatically support the multi-asset standard in Cardano. The update will enable users and projects to coin their original tokens with the same priority level as the ADA original network currency.

The main difference to the new Cardano standard is that the issuance of currencies will not be based on smart contracts, but rather directly from Cardano, where projects can issue digital tokens.

Then, these tokens can be used to launch non-exchangeable digital token products such as those found in Ethereum NFT.

The test has been in progress since its start date was published on February 3, 2021.

It is worth noting that we are currently in the Goguen era on the Cardano Road Plan.

The name "Gauguin" is in honor of the mathematician "Joseph Googen", who died in 2006.

Each era of Cardano’s development comes with a host of new features.

Currently, the benefits of the "Googen" era will begin, which will carry with it the advantage of supporting smart contracts, thereby supporting decentralized applications and non-exchangeable tokens (NFTs) and supporting multiple digital assets to work on the Cardano blockchain.

Meaning that the new update scheduled for March 1 will be a major update for the network.

According to the official website of Cardano, the following describes the era and era of "Gauguin":
Smart contract support.
The Gauguin era represents a major step forward and augmenting the capacity of the Cardano network.
As the Shelley era decentralized the core of the system, Gauguin adds the ability to build DApps on Cardano's solid foundation of peer-reviewed research and highly assured development.
Googen is running in parallel with Shelley, and upon completion will allow users of both technical and non-technical backgrounds to create and implement functional smart contracts on the Cardano network.
In addition to adding functionality in the form of smart contracts, the Googen era will also see improvements to the Cardano core offering.
Most importantly, the addition of multiple currencies will extend Cardano's utility even further, allowing users to create new tokens that are supported locally.
This will allow the creation of replaceable and non-exchangeable tokens, support for the creation of new cryptocurrencies on Cardano as well as the encoding of many types of digital and physical assets.
Another benefit is the ease of integrating smart contracts and decentralized applications involving multiple cryptocurrencies.
The "Gauguin" era represents a step change in Cardano's capabilities, which opens the way for the development of decentralized smart contract applications at the enterprise level, while continuing to develop until the advent of "Basho" and "Voltaire".

 Cardano vs Ethereum:

In the early stages, the transaction fee on the Cardano blockchain will be ADA.

Then, in the advanced stages and as the project continues to develop, the projects will pay the fees in their original currencies.

This means a noticeable deviation and change from the structure of Ethereum, in which the enterprises working on have to pay for gas in the currency of Ethereum ETH, even though their ecosystems may be vibrant and stand-alone.

On February 18, the average gas fee in Ethereum was over $ 19, according to trackers.

Observers and followers of the Cardano project say that this update is one of the most important updates since the "Shelley" era.

Required users in the upcoming Cardano Project upgrade:

The average user and holder of the ADA digital currency should not do anything because the upgrade and update will not affect the end user.

Contract operators, auditors, and "Daedalus" wallet users have to keep up with the upgrade.

All they have to do is download the latest upgrade.

In this transition, the first release of the "Daedalus" version will take place in early March 2021, as Hoskinson said, who also said:
So easy for you guys.

Just download the new version.

You don't have to do anything else, be it transferring your digital coins, or upgrading your tokens, neither of these things is there.

 Affected by the price of the ADA digital currency:

The upgrade and update announced by Cardano contributed to a positive impact on the price of the ADA digital currency, which rose dramatically, unconcerned with the fluctuating performance of Bitcoin.

As the promotion drew attention to the Cardano project and how it increased the competition between it and Ethereum, especially since the latter suffers from high fees.