Serious competition to Ethereum? – Cardano aficionados have been waiting for this moment for several months now, and it has finally arrived. The hard fork Mary, which introduces the possibility of creating tokens on this blockhain, has been deployed.
Cardano, an ETH-Killer?
Launched in 2018, Cardano is a blockchain competitor to Ethereum . Indeed, it aims to create a smart contract ecosystem similar to Ethereum.
It was not until July 2020 to see the proof of Stake deployed on Cardano via the hard fork Shelley . On this point, Cardano is one step ahead of Ethereum. However, some key elements, such as multi-asset or smart contracts, were still missing .
With the deployment of the hard fork Mary on March 1, Cardano is closing the gap by introducing multi-asset to the blockchain.
March 1, 2021: „a historic date“
„Historical“ is the qualifier used by Charles Hoskinson , founder of Cardano, to describe the hard fork Mary. It is indeed on March 1st that the hard fork will be present on the mainnet.
After several months of testing, this will make it possible to create tokens other than the ADA – native blockchain token – on Cardano. To put it simply, users will be able to create tokens on Cardano, in the same way that it is possible to create ERC-20 on Ethereum.
Unlike Ethereum, these tokens do not require a smart contract to be issued. Another difference: transactions between tokens native to Cardano do not require a lot of fees.
“As native tokens do not require a smart contract to transfer their value, users will be able to send, receive and issue their tokens, without paying the transaction fees required for a smart contract or adding event processing logic to track transactions. . “
Statement by Tim Harrison, Cardano spokesperson
Thanks to this update, Cardano could see DeFi or NFT projects flourish on its blockchain, to the detriment of other smart contract blockchains.
Although there is a strong enthusiasm around Cardano, it will now be necessary to convince the developers to migrate to it. As it stands, there is no guarantee that they will take the plunge, even though smart contracts, allowing the development of decentralized applications comparable to DeFi or Binance Smart Chain, have not yet been implemented.