IOHK has today announced the time when both Cardano users and blockchain enthusiasts alike should expect the complete decentralization of the Cardano network. This full decentralization is expected to happen this March. This is coming a day after the activation of the Mary hardfork on the blockchain. With this activation, Cardano (ADA) becomes a network capable of supporting multi-chains.
In the past, before another blockchain asset could be utilized on the Cardano network, a smart contract would have to be developed for it. This is no longer the case with this update, since it supports the deployment of non native assets on the network without the need for a smart contract.
This feature would help to reduce the cost of development and will facilitate interaction among blockchains. This is because the native tokens of other blockchains would be able to perform similarly like the ADA on the Cardona network.
Cardano’s Rise To Complete Decentralization
IOHK announcement on Cardano’s decentralization comes about three days after the network surpassed BNB as the third largest Cryptocurrency in terms of market cap. The network experienced a massive surge in value, with its total market cap value surpassing $40billion mark. This continued from the previous bullish trend the network had experienced.
Moreso, in early January, Cardano became the biggest staking network in terms of numbers of stakes, surpassing major crypto heavyweights. These achievements are testaments to the work of IOHK on the Cardano blockchain. Meanwhile, Cardano’s metrics have shown that currently, 88% of the Cardano blockchain is owned by the community through the staking pools. Regardless of this number, however, IOHK has promised that within the month of March, Cardano would be completely decentralized with the entire governing power transferred to the ADA staking pools.
The Future After Cardano’s Decentralization
It is expected that the network would continue to reach new ATH even after its decentralization. Currently, the recent developments on the platform have made made major blockchain market players, SingularityNET (the first decentralized AI network) and Celsius Network (a lending platform which is blockchain-based) to suggest implementing a post-Mary functionality on the Cardano network. These gestures are tipped to be just a few among the many other opportunities that will come alongside decentralization.
Meanwhile, officials at IOHK have suggested that the latest Mary update together with the move for complete decentralization should be regarded as the initial steps that will herald Cardano’s adoption as regards blockchain based applications. It is expected that within the next few months, exciting new use cases of the Cardano blockchain would come to life, as investors are expected to take advantage of the security, reduced costs, flexibility and interoperability that comes alongside a Cardano network possessing a multi-asset functionality.