Cardano strengthens its position ahead of the Goguen fork

by in Cryptocurrency News

Cardano

A software update for the Cardano Network (ADA) is scheduled for mid-December 2020.

On the eve of the Goguen fork, the price of this altcoin is rising moderately. The coin has already risen to eighth place in the ranking of the largest cryptocurrencies.

The ADA rate on Monday, December 7, rose to $ 0.155. Digital currency capitalization now exceeds $ 4.841 billion.

ChainLink (LINK) is still holding the seventh position in the CoinMarketCap rating, with a capitalization of just over $ 5.188 billion. However, Cardano is unlikely to be able to knock LINK out of this position today, since the altcoin still lacks support for wider expansion.

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Kevin Hammond, a programmer at the IOHK startup (developer of Cardano), recalled that forks on the network are activated without stopping the mining of blocks. This makes it possible to introduce new options into the work of the blockchain and increase its bandwidth.

One of the elements of the Goguen update will be the introduction of the token lock option.

Hammond noted that such a function will eliminate the risks of using specific coins when voting or launching a smart contract. The option will be required soon as the Cardano network will begin integrating other tokens that can be used alongside the ADA altcoin.

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Therefore, the developers are already creating a mechanism that will prevent the attempts of network users to use third-party coins to their advantage.