Smarter contracts: Unraveling the upcoming Goguen era of Cardano (ADA) 🚨 This article is 4 years old...
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Smarter contracts: Unraveling the upcoming Goguen era of Cardano (ADA)
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Updated: Jul. 8, 2020 at 11:39 pm UTC
Photo by Jack Finnigan on Unsplash
During Cardano’s (ADA) 2020 summit, more details about Goguen, the blockchain’s smart contract era, were revealed. Cardano product manager Nebojsa Vojinovic laid out the functionalities that Goguen will bring and the timeline in which it will roll out, saying that Goguen was a key building block in creating a global social and financial system on Cardano.
Cardano’s third era will make Cardano a true service platform
Cardano is currently still turning into a completely decentralized system, but IOHK has been working hard on the blockchain’s next era—the one that will bring about smart contracts. During last week’s Cardano Virtual Summit, more details were laid out about Goguen and the functionality it will bring to the growing ecosystem.
Goguen rollout is expected to start by year-end. It focusses on smart-contracts and puts
Cardano in a position to directly compete with the likes of Ethereum.
Nebojsa Vojinovic, the product manager at Cardano, dove deep into Goguen in a session during the summit, explaining the basics of the blockchain’s upcoming era. Namely, Goguen is the third “development theme” in Cardano, and is set to be followed by Basho, which will bring about scaling and interoperability, and Voltaire, the era of governance.
Goguen is the key building block in creating a global social and financial system on Cardano, as it will allow both IOHK and others to build solutions around application domains as supply chains, property management, and traditional finance.
As Goguen is primarily a service platform, heavy emphasis was put on user experience and utility. Building a user-friendly application doesn’t seem like too much work until you realize that Goguen isn’t a closed-off ecosystem. Vojinovic said it was a challenge to create a system that can be seamlessly integrated into existing applications, mostly off-chain.
Goguen is targeting both businesses and developers
An interoperable platform that doesn’t lock people into the Cardano ecosystem will undoubtedly appeal to businesses and governments, which Vojinovic said were what IOHK had in mind when developing Goguen.
However, Goguen is primarily aimed at developers. It provides them with the foundation and the tools they need to build applications on Cardano. Mobile, web, and desktop application developers, blockchain protocol developers, embedded developers, fintech developers, and smart contract developers will all be able to utilize Goguen, Vojinovic said.
All of them will be able to explore building alternative environments on Cardano and grow the developer community.
But they don’t need to wait for Goguen to launch to utilize some of the features it will bring. Developers can participate by submitting transactions to Cardano, querying the states of wallets and the ledger, monitoring network health, and attaching metadata to transactions.
With those functionalities, developers can build web and mobile frontends, integrate Cardano as a payment backend, and build applications that transact with the Cardano blockchain.
When Goguen does launch, it will make Cardano a multi-asset ledger and bring about Plutus applications and Marlowe contracts. Multi-asset ledger capability allows users to define, forge, and transfer their won custom tokens on Cardano.
However, unlike Ethereum, whose blockchain prioritizes transactions and contracts in ETH over other ERC-20 tokens, Goguen won’t differentiate between ADA and other tokens issued on Cardano.
Tokens issued on Cardano will inherit all security and smart contract behavior of ADA, making operations easier for developers.
Cardano Market Data
At the time of press 11:39 pm UTC on Jul. 8, 2020, Cardano is ranked #7 by market cap and the price is up 10.77% over the past 24 hours. Cardano has a market capitalization of $3.34 billion with a 24-hour trading volume of $1.17 billion. Learn more about Cardano ›
Crypto Market Summary
At the time of press 11:39 pm UTC on Jul. 8, 2020, the total crypto market is valued at at $276.86 billion with a 24-hour volume of $79.19 billion. Bitcoin dominance is currently at 62.80%. Learn more about the crypto market ›
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