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Cardano: IOHK reports on Goguen’s progress before HFC in December

  • IOHK is currently working on the native token and token locking functionalities before the HFC event in December on the Cardano mainnet.
  • The developers are close to complete development cost model for the smart contract platform Plutus.

In a new video update on the progress of the Goguen era, Dimitris Poulopoulos, Goguen Project Manager, and Volodymyr Hulchenko, Cardano Project Manager, informed the community about the latest developments. After Shelley, Goguen is one of the most important milestones for the network in conjunction with the progress being made to make Cardano completely decentralized.

The components that the Goguen and Cardano node teams are currently working on will bring a number of new features and functionalities that will increase the platform‘s capabilities to implement smart and financial contracts, multiple token support, interoperability, and more.

The first hard fork combinator (HRC) event for Goguen on the Cardano mainnet is expected to take place during the first week of December and will introduce support for token locking, as announced by IOHK CEO Charles Hoskinson. This is the first major update that will begin to lay the groundwork for the full integration of Goguen into the mainnet. In that regard, Hulchenko said:

The Node teams have continued to work on delivering native token and locking token features. In the last few weeks, the teams have focused on adding (…) a node API and CLI implementations.

Furthermore, the CDDL specifications have been completed, optional scripts for native token functionality have been added, and the Ledger team has improved multiple token functionalities. The Consensus team has been responsible for extensive testing of the new features.

Poulopoulos added that pre-production of a native token environment has begun with the introduction of a configuration in the CLI Node and an update in the documentation. He also reported that changes have been made to the BE wallet “required to produce a version that allows” use of existing wallets.

Cardano’s progress on the ERC20 converter

One of the most interesting tools in production for Cardano is the Ethereum ERC20 token converter. This tool will allow developers of decentralized applications to manage and migrate their tokens to the Cardano blockchain. Although Poulopoulos said the most important updates on this tool will be made in the coming weeks, he revealed that they are on track to test the tool’s functions in a pre-production environment CLI node.

Finally, the teams are completing the cost model for the Plutus platform that will support smart and financial contracts on Cardano. This is one of the most important parts of the project development and the IOHK CEO has previously said that they want to “make sure it is as predictable as it can be. Therefore the developers concentrate on “refreshing the Plutus Playground” and are working on improving the Cardano blockchain test emulator as well as the beta release of the Marlowe programming language.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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