Cardano gunning for Ethereum in March

Cardano gunning for Ethereum in March
Following the successful rollout of Shelley on the Cardano network, many are looking to the much-anticipated release of the Goguen mainnet launch in March 2021. Goguen is regarded as the final hurdle before Cardano can challenge Ethereum’s decentralized applications. Another reason to get excited about Cardano is that they will also be issuing a stablecoin soon. Today we look at how Cardano is gunning for Ethereum in March.

Welcoming Goguen Mainnet

The 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 contracts

What 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 stablecoin

Once 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.

Buy ADA on AltCoinTrader

Cardano (ADA) is without a doubt the hottest topic in the crypto space right now. Many YouTubers are urging followers to load their bags in anticipation of Goguen mainnet launch in March 2021. However, ADA is more than a short-term pump and dump. Many influencers have named ADA as one of their top crypto pics for 2021 and beyond. Buying ADA on AltCoinTrader and hodling for the long term, is a good investment. Seeing as the Cardano network is upgrading and gearing towards becoming truly decentralized, there is a lot to look forward to.