Cardano Metadata Transactions Ready To Migrate From Ethereum

The Cardano Metadata transactions are now ready to migrate from the Ethereum blockchain with the help of Goguen as we are about to read more in the latest Cardano coin news.

In the upcoming days, the first project will be announced which will mark the migrate from ETH using the ERC20 converter. The Bittrex Cardano wallet is also back online. In the AMA yesterday,  Charles Hoskinson announced more details about Goguen and as he explained, it will be released in three phases. The first step will be that the Cardano metadata transactions will be transferred. This feature was developed already over the past month and will be released with Goguen as well:

“One side of it is transaction meta data and starting to get to a point where you have non-monetary transactions, so basically saying I am not just sending ADA to somebody but now this transaction carries a payload with it which has a non-ADA related utility. So for example, this month we finished all the metadata stuff, dragged it into the Cardano wallet and then into the node.

And now we are starting to use the metadata fields for the credential verification program we are doing in Georgia, things like Beefchain and other things that are related to identity and track-and-trace and so forth. […] And it’s a major milestone when Goguen comes.”

The second step for Goguen will be the transition from the single-asset to a multi-asset system which will allow the users to create their own tokens and IOHK will also develop the ERC20 token converted which will help companies migrate from Ethereum to Cardano. According to Hoskinson, the multi-asset standard is far superior to the ETH blockchain because ERC20 is “is a smart contract build on top of Ethereum, and it’s very different from Ether”.

Cardano’s multi-asset standard is actually created in a way that “your assets issued are actually treated the same way from the accounting perspective as ADA is” as Hoskinson explained. This will bring even more advantages and the projects will have a great incentive to switch to Cardano. This week there was the announcement of a project which will migrate from Ethereum to Cardano. The third area will be “programmability” where the Domain Specific Languages and Plutus will play a central role. The IOHK CEO announced:

 “And we will have a lot more to say especially about Marlow in October and the coming weeks and months, there gonna be a huge amount of Goguen rollouts and discussion.”