06.12.2021

Emurgo Gives Goguen Update, is it Just a Hype or Will Goguen Foster Global Adoption for Cardano

While the development of decentralized applications and smart contracts are the primary features of the Goguen update, they aren’t the only ones.

It will also allow people to build new native tokens on the Cardano blockchain thanks to the multi-ledger asset. He continued;

“A smart contract written and programmed in Plutus on the Cardano blockchain gives each party involved full visibility of exactly what the contract entails. When written correctly, it would be impossible for a single bad actor to participate in an adversarial way. There will also be pre-existing financial contract templates, references to actual financial instruments, many visual programming tools, and courses to walk through Marlowe.

This allows the flexibility to utilize any current real-world financial contracts to be easily implemented through Marlowe into the Cardano platform. These contracts can be as simple as a lending agreement to a mortgage contract and even bonds.”

If Goguen lives to expectation, it will certainly give Cardano the edge it needs to revolutionize the smart contract and decentralized finance sectors, to say the least. This will eventually lead to global adoption.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

  • Cardano Shelley is up and Running and Developers are Working on the Next Stage of Development, Goguen
  • Goguen Will Lead to the Large Scale Adoption of the Cardano Blockchain

Cardano has been working on the Goguen update since it successfully implemented Shelley earlier in the year. While Shelley was the first part of the transition to proof-of-stake, Goguen is the second part and it will be released in three stages. Thanks to Goguen, people will be able to develop smart contracts on the Cardano blockchain among other things. The blockchain will be based on ACTUS, a global standard that is supported by Deloitte. As Goguen is being released, a new programming language known as Marlowe will be installed and it will allow developers to create smart contracts without technical know-how.

Goguen Will Promote Global Adoption for Cardano

In their latest update, Emurgo, the corporate branch of Cardano provided an update containing the implications of Goguen for the Cardano Blockchain and ADA ecosystem. Goguen will bring several new functionalities to the Cardano blockchain and it will make the network more accessible to users. Part of the report was as follows;

“This phase will introduce many new and exciting features – most notably smart contracts, which will open up a lot more tangible opportunities of development for both developers and enterprises wanting to leverage Cardano’s blockchain network. This will also enable the Cardano community as well as businesses to use their creativity to develop valued services and solutions.”

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