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Cardano: Metadata transactions are ready, first project will migrate from Ethereum

  • Goguen will bring metadata transactions that have already been integrated into the wallet and the node.
  • In the upcoming days the first project will be announced, which will migrate from Ethereum using the ERC20 converter.
  • The Bittrex Cardano (ADA) wallet is back online.

In an AMA yesterday, Charles Hoskinson, inventor of Cardano, announced new details about Goguen. As Hoskinson explained, Goguen will be released in three phases. A first step will be that Cardano will be able to transfer metadata in addition to ADA transactions. The feature was developed already over the last month and will be released with Goguen.

One side of it is transaction meta data and starting to get to a point where you have non-monetary transactions, so basically saying I am not just sending ADA to somebody but now this transaction carries a payload with it which has a non-ADA related utility. So for example, this month we finished all the metadata stuff, dragged it into the Cardano wallet and then into the node.

And now we are starting to use the metadata fields for the credential verification program we are doing in Georgia, things like Beefchain and other things that are related to identity and track-and-trace and so forth. […] And it’s a major milestone when Goguen comes.

The second step for Goguen will be the transition from a single-asset to a multi-asset system, allowing users to create their own tokens. As part of this, IOHK is also developing the “ERC20 token converter”, which will enable companies to migrate from Ethereum to Cardano. According to Hoskinson, Cardano’s multi-asset standard is far superior to Ethereum’s because ERC20 is “cause ERC20 is a smart contract build on top of Ethereum, and it’s very different from Ether”.

In contrast, Cardano’s multi-asset standard is designed in such a way that the “your assets issued are actually treated the same way from an accounting perspective as ADA is,” Hoskinson stated. Accordingly, this results in huge advantages when it comes to “layer 2 infrastructure, optimizations, cost reductions and so forth”. As a result, projects will have a great incentive to switch to Cardano. Already this week there is to be a first announcement of a project that will migrate from Ethereum to Cardano, as Hoskinson leaked.

The third area will be “programmability”, where Plutus and DSL’s (Domain Specific Languages) like Marlow play a central role. New details and progress for both technologies, Plutus and Marlow, will be announced by the end of the month, as Hoskinson promised. The IOHK CEO also announced:

And we will have a lot more to say especially about Marlow in October and the coming weeks and months, there gonna be a huge amount of Goguen rollouts and discussion.

In another update, Hoskinson also revealed that, after Shelley was activated in mainnet about two months ago, the last and oldest exchange, Bittrex, has now successfully completed its migration. As Hoskinson explained via Periscope, this puts an end to weeks of collaboration and testing with Bittrex to get the wallet back online. Bittrex’s ADA wallet is now back online, the first “real” transactions have been successfully completed.

About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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