Cardano is allegedly put across as Ethereum’s rival as it presents the awaited and much anticipated Goguen era. With this scenario, the Cardano network has been termed the ETH killer by many. Read and find out about the Goguen overview in this article.
To begin with, Cardano has released its two development phases known as Byron and Shelley. Now, Cardano is set for the Goguen era as its third development phase. In detail, the Goguen era comes with exciting features for developers and businesses to leverage.
During the second phase Shelley, Cardano focused much on the protocol decentralizing the ADA core system.
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Goguen era the Competitor to Ethereum
It’s no secret that Cardano is a massive competitor of Ethereum. More so, with Ethereum reportedly facing severe scaling problems. Cardano is set to be the hero in finding scaling solutions. As such, the Goguen era is Cardano’s way of introducing the next step in its growth roadmap.
Let’s run through the Goguen overview. Firstly, the update brings massive changes for everyone. These include stake pool operators to partners utilizing the network and exchanges listing its native token ADA. Also, it comes with tangible benefits to Cardano’s blockchain network.
Additionally, the Goguen era makes it feasible to build smart contract applications and tokens on Cardano. Furthermore, Cardano’s native token ADA might also increase in price, as many Cardano fans point out.
I don’t want to sound over optimistic but I really think we going to be over 2$ when #Goguen is released.
We testing 40c now. We went to around $1.40 on nothing built.
— Plan ADA (@CryptoSurfsUp) January 18, 2021
In detail, the Goguen era will build a universal global social and financial operating system where users can create solutions for use cases. This includes the supply chain, medical record tracking, identity, voting, census management, and property registration.
Is the ETH co-founder challenging the Ethereum network? Could it be so that Cardano’s Goguen era is building on Ethereum’s existing issues? Read on.
An interesting feature in the Goguen overview is the token-locking mechanism. With this function, Cardano smart contracts are able to support diverse functionalities. For example, users can hold tokens for a fixed period of time in order to complete a contract.
Furthermore, the Goguen overview presents the ERC20 converter. A tool that allows managing the tokens on the Cardano chain. Moreover, it allows migrating tokens from other blockchains.
To enhance efficiency, Cardano has developed brand new languages Plutus and Marlowe as part of its goals for the Goguen era.
Plutus Scripting Language
The Goguen era’s most exciting achievement is the creation of Plutus. It is a purpose-built smart contract development language and execution platform using the functional programming language Haskell. The scripting language is flexible and can be used by both technical and non-technical users.
What then are the advantages of Plutus? Firstly, its wider operability with other smart contracts. Secondly, it gives programmers a smart contract platform with functionality built into, or native to, the ledger itself.
Plutus is rigorously designed by a team of leading experts in programming language design. The aim is to reduce the kinds of software bugs that have led to huge losses totaling hundreds of millions of dollars.
In particular, Plutus can be used in various industries. It is a central coding language to create and drive diverse use. These include supply chains, track, and trace, medical records, identity, voting. Also, property registration, P2P payments, financial systems, and a vast array of extra use cases.
Developers can utilize Plutus language to create things such as stablecoins, decentralized finance services (DeFi). Additionally, it can be used for tokenized securities, identity voting, and many more financial applications.
Marlowe, a High-Level Domain-Specific Language
Another interesting part of the Goguen overview is the development of the Marlowe programming language. The network utilizes the coding language in creating financial smart contracts. Marlowe is a high-level domain-specific language (DSL) built on top of Plutus.
This enables developers and businesses to perform static contract analysis on their smart contracts. Thus, users can run through all the different states and scenarios of the contract before it goes live on the blockchain. Cardano hopes this will help develop enterprise-level smart contract growth with real-world use.
There will also be pre-existing financial contract templates, and references to actual financial instruments. Also, many visual programming tools, and courses to walk through Marlowe.” notes the Cardano network
Any current real-world financial contracts can be easily implemented on to the Cardano platform through Marlowe. These contracts can be as simple as a lending agreement, to a mortgage contract, or even bonds. The Goguen era aims to attract a wider business and finance audience to create smart contracts regardless of their technical experience.
Cardano’s Goguen Merits
So what merits does Cardano offer? Read on in this Cardano’s Goguen overview article to find out. Similar to Ethereum 2.0, Cardano’s Goguen era will be released in phases. As compared to Ethereum the Cardano network handles the tokenization natively on the ledger instead of via smart contracts.
The advantage of this mechanism is that all tokens in the Cardano blockchain follow the same logic. Even more, they are inherently supported instead of requiring the creation of layers as is the case of ERC-20 and ERC-721 tokens.
This will ensure scalability, performance, and reduce GAS fees. Transaction costs on the Ethereum world of late have been extraordinarily high. As a result, this slows down transactions on the Ethereum network. ETH gas fees are so high that Binance CEO has even referred to the blockchain as one for ‘rich guys’.
Goguen Era Perks vs Ethereum
|The Goguen era update does not give ADA transactions and contracts any priority over other tokens issued to Cardano||The ETH blockchain prioritizes ETH over other ERC20 tokens on the network.|
|With a scripting language such as Plutus, the Goguen era will become a proper review tool. This assists to fix vulnerabilities faced in other blockchain platforms.||Solidity, a language for implementing smart contracts used by ETH, is prone to diverse vulnerabilities. The flaws resulted in significant money losses and caused a crisis for the Ethereum community.|
|User-friendly to non-fungible tokens (NFT) and decentralized finance (DeFi) protocols.||Ethereum restricts the applications use cases through high transaction costs and long transaction times.|
|Allows one codebase to support both on and off-chain components.||This contrasts with Ethereum’s ERC20 contract standard. It works through copy-pasting proforma code and modifying it to fit requirements.|
|It has native staking support for smaller balances. For example, you can easily delegate $50 or $100 worth of ADA. This should encourage users to stake directly with Cardano rather than via a third party.|
Cardano aims to implement the Goguen era through three different Hard Fork Combinator (HFC) events. The first event, called Allegra, took place on 16. Dec last year and saw the introduction of token locking.
Cardano Offers a Multi-asset Ledger
Other than Cardano smart contract functionalities, the network offers a multi-asset ledger. Similar to the ERC20 process, the Multi-asset Ledger allows anyone to create a token based on the Cardano blockchain.
The Goguen era provides the ability to create tokens for the open public. It can be a utility token, security token, collectibles, loyalty tokens, crowdfunding, or more.
Developers can participate and add value by building on top of Cardano with their own tokens. The Multi-asset ledger will also provide a convenient UI for businesses and developers. They are able to quickly and easily issue out their own custom tokens from within a wallet.
Developers take into account a number of things. This includes software lifecycle, predictability of cost, and the costs involved to run on the infrastructure. Why then should developers build on Cardano? The network cares about user experience. More so, it aims to deliver enhanced security for its customers.
ETH network currently faces some vulnerabilities. This is a chance for Cardano to offer a more secure, functional, and scalable alternative. Actually, it offers value-generating projects with lower fees, increased decentralization, and higher scalability.
The network takes an academic approach to develop new technologies. Researchers and cryptography experts across the globe contribute to the principles and systems.
Cardano Smart Contracts
The deployment of Cardano smart contracts enables the support of decentralized applications (DApps). Cardano smart contracts leverage functional programming to combine flexibility with safety.
Its goal is solving scalability while balancing the need for regulation with the privacy and decentralization of blockchain technology. Cardano smart contracts are more centered on security. The developments should not compromise security on the Cardano ecosystem.
Cardano calls on cryptography researchers to source ideas for scalable consensus, contract management, and high user loads. Nothing gets implemented on the network without a rigorous review of its security, scalability, and effectiveness. Also, the Cardano smart contracts are based on Proof-of-Stake (PoS) blockchain technology.
The transition to the Goguen era will allow developers to fully take advantage of Cardano smart contracts and tokenization. Creating a whole new ecosystem based on scientific principles and scalability.
Goguen opens up a field of opportunities to finally get your brilliant innovations and ideas utilizing blockchain for real use cases. However. it’s too soon to tell whether Ethereum or Cardano will dominate the smart contract game in the future. Right now, they are both developing their networks.