New Target Announced in 2020’s Shining Altcoin Cardano
During the 2020 summit of Cardano (ADA), more details about Goguen, the smart contract period of blockchain, were announced. Cardano product manager Nebojsa Vojinovic presented Goguen’s functions and timeline to be released. He also said that Goguen is an important building block for Cardano in creating a global social and financial system.
Cardano’s third term will make Cardano a true service platform. Cardano is currently in the process of turning into a decentralized system, but IOHK is working hard for the next phase of blockchain, which will bring smart contracts. At the Cardano Virtual Summit last week, more details were revealed about Goguen and its functionality to the growing ecosystem.
Focused on smart contracts and able to put Cardano in direct competition with Ethereum, Goguin is expected to start by the end of the year.
Nebojsa Vojinovic, Cardano’s product manager, studied Goguen in one session during the summit and explained the basics of blockchain’s upcoming period. Goguen is Cardano’s third “development theme”. Basho will come up with scaling and interoperability, and the period of governance will come to Voltaire.
Since Goguen will allow both IOHK and others to create solutions around areas of application such as supply chains, asset management and traditional finance; Cardano is the building block in creating a global, social and financial system.
Since Goguen is primarily a service platform, great emphasis was placed on user experience. Creating a user-friendly application does not seem too difficult considering that Goguen is not a closed ecosystem. Vojinovic said creating a system that can be seamlessly integrated into existing applications, mostly off-chain, is somewhat challenging.
Goguen targets both businesses and developers
Vojinovic said that the thinking in IOHK’s mind when developing Goguen is an interoperable platform that does not lock people into the Cardano platform. It was also important for developers that the ecosystem appealed to businesses and governments.
However, Goguen primarily targets developers, providing the essentials and objectives for building applications at Cardano. Vojinovic; He stated that mobile, wev, desktop application developers, blockchain protocol developers, embedded software developers, fintech developers and smart contract developers can benefit from Goguen.
All will be able to experience building alternative environments at Cardano and grow the developer community.In addition, they do not have to wait for the launch to take advantage of some of Goguen’s features. Developers can join the network by sending transactions to Cardano, querying wallets and ledger statuses, monitoring network status, and adding metadata to transactions.
With these functions, developers can create web and mobile fronts, integrate Cardano as a payment backend, and create applications that operate with the Cardano blockchain.When Goguen launches, it will make Cardano a multi-wealth book; Plutus applications and Marlowe contracts will be implemented. The multi-asset book feature allows users to identify and transfer the private tokens they earn in Cardano.
However, unlike Ethereum, which gives priority to ETH transactions and contracts against other ERC-20 tokens ; Goguen will not distinguish between ADA and other tokens issued in Cardano.The tokens issued at Cardano inherit all of ADA’s security and smart contract features and make transactions easier for developers.