Welcoming Goguen MainnetThe end of quarter 1 of 2021 is an exciting time for Cardano. With the roll out of Goguen mainnet, IOHK CEO Charles Hoskins believe the network will become fully decentralized. IOHK is a technology and engineering company that designs, builds and maintains the Cardano platform.
Goguen mainnet is a big deal for Cardano as it brings the ability to build decentralized applications (DApps) and other features like a multi-asset ledger, to the network. The multi-asset ledger will allow the network to host new native tokens. These can be used with DAapps to build DeFi projects.
The launch of Goguen mainnet brings Cardano one step closer to living up to its nickname of ‘Ethereum killer’.
Cardano smart contracts vs Ethereum smart contractsWhat will set Cardano’s smart contracts apart from Ethereum’s smart contracts, is that it will be written in different computing languages. Cardano will use a new smart contract language called Plutus programming language. This means that one code base can support on and off-chain mechanisms. Furthermore, it supports technical and non-technical users to create smart contracts with real-world use. For non- technical users, it is quite difficult to create a smart contract, even though smart contracts are very useful tools.
On the other hand, Ethereum’s smart contracts make use of Solidity programming language. Solidity was especially developed for contract writing and in the case of Ethereum smart contracts, runs on Ethereum Virtual Machine (EVM).
Introducing Cardano’s stablecoinOnce Cardano’s smart contract functionality has been unlocked, a stablecoin known as AgeUSD will be launched. AgeUSD is based on the Ergo blockchain and will be Cardano’s first stablecoin. The stablecoin which is expected to be rolled out at the end of quarter 3 2021, is a collaboration between IOHK, Ergo and EMURGO.
What sets AgeUSD apart from other stablecoins, is that it is a crypto-backed stablecoin. This means that liquidation events for AgeUSD are impossible. Other prominent stablecoins like USDT are backed by the US Dollar.