ADA Jumps 10% as Cardano Integrates Metadata Into Wallet and Node

Cardano (ADA) price has jumped 10.56% on Monday, September 28 as Cardano developer Charles Hoskinson briefed new developments with the platform’s Goguen update. At press time, ADA is trading $0.1052 with a market cap of $3.2 billion. Cardano’s (ADA) daily trading volume has also shot to $850 million.

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Hoskinson explained the platform’s new capabilities during an AMA session on Sunday. Cardano’s Goguen update will happen in three separate phases. In the first phase, Goguen will allow Cardano to transfer metadata along with ADA transactions. Hoskinson said that they have already completed their job for the metadata stuff and integrated it into the Cardano wallet and the Cardano node. He added:

“One side of it is transaction meta data and starting to get to a point where you have non-monetary transactions, so basically saying I am not just sending ADA to somebody but now this transaction carries a payload with it which has a non-ADA related utility”.

The second phase of the Goguen update will involve transitioning from a single-asset to a multi-asset system. Cardano parent IOHK has also developed the “ERC20 token converter” allowing companies to easily migrate from the Ethereum platform to Cardano. ERC20 is basically a smart contract built atop Ethereum.

Cardano said that it differentiates its multi-asset standard in a way that from an accounting perspective, other assets receive the same treatment as that of ADA. This will have higher benefits in terms of “layer 2 infrastructure, optimizations, cost reductions and so forth,” said Hoskinson.

The third phase for Goguen will involve better “programmability” where some Domain-Specific Languages (DSLs) will take the center role.

Establishing Cardano As A Global Financial Ecosystem

During a video interview with Slot Leader last week, Hoskinson said that his vision is to make Cardano a ‘global financial operating system’. This new Cardano system will easily scale to accommodate new accounts irrespective of the amount of inflow from new users.

Hoskinson added that USD’s future as the world’s reserve currency doesn’t look bright. He believes that in the future, there will be a “one-world currency” or private currencies that will compete against fiat national currencies. The Cardano developer said that his platform is well poised to embrace the change.

He added that the Cardano blockchain infrastructure involves a collection of software, protocols, and hardware. this helps to incorporate identity, value, and governance in a single framework. Besides, Cardano also holds the ability to host and issue other tradable assets like bonds, stocks, commodities and utility tokens.

The general idea is that the system should be an end-to-end stack for economic identity. So what that means is that if some person in Senegal or some person in Ruanda or wherever enters the system, they should be able to have some place, to place their data, their identity, to build a reputation. They should have some way to get credit, they should have some way to interfacing with a currency that is reasonably stable, they can send to anyone in the world, he explained.

Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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