Recently #3 ranked the largest cryptocurrency by market volume, ADA (Cardano) becomes multi-asset blockchain after its passed hard fork.
Cardano’s hard fork roll out on May 01, 2021. The founder of the Cardano blockchain and also a co-founder for Ethereum Charles Hoskinson himself reported the hard fork on his official youtube channel.
First of all, let me explain what is a hard fork and what is multi-asset blockchain. Basically, a hard fork is some kind of system upgrade to the system. There are two types of crypto forks actually. Soft fork and hard fork. The major difference between these two is, hard forks are not backward compatible which means, transactions made during the hard fork will fail. Because the blocks before the hard fork cannot follow new rules after the hard fork. This occurs mostly because of a major upgrade to the blockchain network.
A multi-asset blockchain is similar to the Ethereum blockchain. It can run multiple cryptocurrencies at the same time with smart contracts. So after the hard fork, the Cardano blockchain also has the feature. The hard fork named “Mary Update” deployed to the Cardano public testnet will allow users to create tokens that run on the Cardano blockchain.
According to a report by Coindesk, Hoskinson said for node operators, “The transition should be fairly simple, operators need to update their software and everything should work without an issue”
“We’ve been testing it for almost a month, and the test looks good. Exchanges are happy,”Charles Hoskinson
Genarally, cryptocurrencies start to dump after a piece of fork news. that’s because traders start to sell their assets as soon as they see the news. For Cardano however, it seems still on the uptrend at the time of writing.