Cardano implemented the Token locking function after completing the first hard fork combiner event for Goguen. Charles Hoskinson reports on the platform’s significant monthly achievements.
Cardano’s first hard fork combiner (HFC) event was successfully implemented as planned. As IOHK announced a few hours ago, the multi-asset token lock function has been activated. The event is known as “Allegra” and is the second step taken by IOHK to place Goguen on the main network following the activation of metadata functionality.
As reported by CNF, The New Cardano feature is part of the roadmap that prepares the platform for the introduction of smart contracts and asset creation. The term” lockout ” means that a token can be assigned to a particular use for a specified period of time.
Thus, a token can be used to make a management vote or a smart contract in Cardano. Kevin Hammond, software developer at IOHK, compared Token locking to earning dividends by holding shares in a company. Dividends are paid to the owners who hold the shares.
Function is also necessary for other periods in Cardano’s development. When the Voltaire mechanism is implemented, users will be required to “lock in” island funds to participate in the governance voting process. Therefore, this first hard fork is crucial for the platform in its transition to a completely decentralized network and is indispensable for the introduction of Cardano’s DeFi features.
The Cardano community received positive reactions to the event. Further hard fork unifying events are expected in early 2021.
Cardano’s inventor reiterates monthly achievements
Hoskinson, meanwhile, held a surprise ask me anything (AMA) session via his YouTube channel. The IOHK CEO noted that as Cardano recounts his achievements on a monthly basis, Version 3.0 of the Daedalus wallet was launched on the main network with Ledger and Trezor support. In addition, the IOHK made a change to the island delegation program and enabled voting for Catalyst Fund 2:
“THERE WAS A LOT OF PAIN (FUND 2 CATALYST), EVERYTHING YOU CAN IMAGINE FROM A TEAM POINT OF VIEW WAS DONE. I’M PROUD OF THAT TEAM, THEY REALLY CROSSED THE LINE. THERE ARE STILL MISTAKES AND PROBLEMS, BUT THE NICE THING IS, 2. 3 WITH A VOTING CENTER IN DAEDALUS AFTER PASSING THROUGH THE FUND. IT IS THAT THE FUND WILL BE MUCH BETTER…”
Referring to a Coinbase article about the” Ethereum killers, ” Hoskinson regretted that no reference was made to Cardano. He attributed the lack to “user training.” But he noted that this will not happen again, as 2021 will be the “Year of Cardano.”