While Ethereum explores new ATH and its fees reach new highs every day (currently the average per transaction is around $ 25), Cardano is preparing for the total migration to its new update: Goguen. An update expected and which should be completed by the end of February. Updates on Cardano are different from other blockchains because they do not require a Hard Fork and this allows important upgrades without having to forward communications to exchanges, which is often a slow and cumbersome procedure.
Mary is currently being tested and released, named after the author Mary Shelley, a fundamental implementation for Goguen as it will allow the creation of native tokens on the Cardano blockchain, so they can be traded directly on the blockchain, just like ADA, the coin. by Cardano. Cardano will become a Multi Asset (MA) blockchain and this implies an infinity of projects and will represent a new development hub for developers all over the world.
Goguen will finally launch the ability to write smart contracts and create native tokens and will be able to embrace DeFi, becoming a valid competitor of Ethereum, which at the moment is suffering so much from the impressive flow of transactions caused by DeFi. The Cardano blockchain was in fact created and perfected to overcome this limit by supporting thousands of transactions per second and guaranteeing very low rates of a few hundred dollars. Furthermore, the blockchain will be completely decentralized by April thanks to the adoption of the Proof of Stake.
The market is preparing for the Cardano news and has started a long bullish phase that has brought the price of ADA above $ 0.50, at the time of writing it is just over $ 0.55.
Cardano currently occupies the sixth position in CoinMarketCap with a capital value of over $ 17 billion, not far from Polkadot and Ripple at 19 billion. But many regard ADA as a very underrated project due to its still untapped potential. If the DeFi market today flows from the flooded Ethereum network to that of Cardano, in addition to the undisputed advantage for end users, the price would exceed its current ATH of $ 1.33, reached in January 2018 in the previous bullrun. A very attractive price by the end of the year would be $ 2, a not-too-distant target if DeFi, smart contracts and MA start attracting investors.
The release of Goguen will be only part of the long development of Cardano which will be completed with BASHO and finally VOLTAIRE. Basho will introduce sidechain that is interoperability between the various blockchains and will see Cardano become one of the most performing, resilient and flexible blockchain platforms in the sector. This will provide a network infrastructure with the ability to scale sustainably and securely, as well as the ability to add new functionality without compromising reliability at the core of the network. Voltaire will focus on the governance of Cardano, providing the possibility of voting to users and will provide a treasury, in which fractions of commissions will converge that will finance the projects voted by the community. When both a voting and a treasury system are in place, Cardano will be truly decentralized and will no longer be under the management of IOHK.