Cardano Platform boasts high efficiency and capability to provide a massive interoperability level on the blockchain projects as it can host any token.
With the latest interoperability feature, the company can facilitate the handling of non-native blockchain assets natively.
IOHK Announces Major Token Update
The feature would enhance the interoperability of the Cardano blockchain to a massive level allowing representation of other blockchain tokens on the Cardano Blockchain without any custom code. The upgrade helps Cardano treat the other tokens like its native token ADA. The new feature enhances the blockchain’s capability and helps other projects leverage the Cardano Blockchain’s cost-effectiveness, security, and efficiency.
IOHK native tokens would undergo a transformation. The process removes the redundant layers facilitating third arty tokens to work on the Cardano blockchain without having to adapt to the chain. The new feature brings more efficiency and reduces the cost considerably. The various digital assets behave like ADA, Cardano native token bringing more efficiency and agility. The projects get access to high speed and security with reduced cost.
Right not tokenization methodology is very lackadaisical and clumsy as one needs to create and run custom code for using other tokens on any chain. There is an unnecessary layer that increases the transaction cost. Since the token code for the two participating blockchains standards is to be adapted, it makes the process time consuming and inefficient. In case there is any lag in the system or a human error, the custom code can leave bugs in the system leading to a massive loss.
The interoperability feature on the Cardano blockchain would be rolled out in the first quarter of 2021.
IOHK announced the successful execution of Allegra. Allegra protocol update introduces the token locking on the blockchain, which ensures that the specific token issued on the Cardano network is used only for the purpose it was released for.
Token locking is described as a minute change in the protocol that can significantly affect the Cardano functionality. The ADA token holders need to run the latest version of their wallets, and the stake pool operators would update their nodes to the upgraded version. The Cardano Foundation and IOHK teams would assist the exchanges for the software update.
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