Cardano announced the successful network update late Monday, March 1, calling it a key achievement in its continuing rollout.
The update also includes key Goguen features such as native token accessibility and multi-asset support, according to the company. Goguen is a huge improvement stage on the Cardano roadmap that incorporates smart contracts and the ability to create decentralized applications (dApps).
According to cryptopotato, native tokens would add multi-asset support to Cardano, according to an IOHK blog post, enabling users to build uniquely defined custom tokens and perform transactions with them directly on the blockchain.
The ‘Mary’ update helps the accounting infrastructure of the ledger to process not only ADA transactions, but also those that hold several asset types at the same time. It goes on to state that developers benefit from native support because they don’t have to create smart contracts to manage custom token creation or transactions.
The blog post clarified that, unlike Ethereum’s ERC-20 standard, Cardano’s ledger natively supports tracking and accounting of custom tokens:
“Because native tokens do not require smart contracts to transfer their value, users will be able to send, receive, and burn their tokens without paying the transaction fees required for a smart contract or adding event-handling logic to track transactions.”