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Cardano Network Starts Hard Fork to Instill Token Locking

Cardano Network Starts Hard Fork to Instill Token Locking
  • Cardano network began its hard fork to initiate the token-locking mechanism.
  • ADA conceives with five development phases.
  • The token-locking mechanism will enable smart contracts to support users to hold tokens.
  • Furthermore, after the Goguen era, the protocol will go through the last two phases.

The IOHK says the Cardano network began its hard fork to initiate the token-locking mechanism on the mainnet. Alongside this, the full transition will take place on December 16.

Cardano initiates a hard fork

Cardano’s huge development is conceived as a journey with five development phases. Moreover, Goguen is the third phase that emphasizes the protocol’s integration of smart contracts. This happens after decentralizing Cardano’s system in the first two phases.

Cardano began its hard fork to initiate its token-locking mechanism. However, the mechanism is one of the most significant mainnet functions. In addition, the token-locking will enable the network’s smart contracts to support users to hold tokens.

The introduction of token-locking on the mainnet represents a relatively small technical change to the consensus protocol. More so, the update is significantly developing other assets that run on Cardano, besides ADA. In spite of everything, the complete transition will take place in mid-December at the epoch boundary.

Furthermore, the transaction on the chain continues normally during the hard fork. This is because of the hard fork combinator mechanism. The hard fork combinator will automatically store the block history. Also, it combines the protocols without triggering interruptions.

Additionally, this technique happened for the first time when the protocol transitioned from Byron to Shelley. Furthermore, after the Goguen era, the protocol will go through the last two phases, Basho and Voltaire. This is to improve its function of scaling and governance.

IOHK mentioned earlier this month,

During 2021, there will be more upgrades using the combinator – multi-asset support is coming up.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.