IOHK, the research and development team of Cardano, is planning to launch a new network upgrade. It is believed that with this upgrade, the firm is aiming to make the protocol superior to the Ethereum network.
Back in the previous week, it was noted that the price of Cardano had increased impressively by more than 40%. With this new network upgrade, a feature to build decentralized applications on the top of the ADA protocol will be added.
IOHK Head Announces Goguen To Be Released in Three Phases
Charles Hoskinson, head of IOHK, has announced that the release of Goguen will take place in three different phases. Before this, the major task of the team was to incorporate metadata transfers. This will directly help the firm to expand the utility of Cardano and brings it somewhat better before its investors.
It is revealed that after the metadata transfer will be integrated, the ADA network will be converted to a multi-asset system. This is a major step that will help the users to create personalized tokens. It will also bring a tool called “ERC20 token converter” that will help the firms to migrate from the Ethereum blockchain to Cardano.
Bullish Outlook Cannot Be Ignored For Cardano
There are huge volatility and unpredictability in the cryptocurrency market and this is the reason why one cannot ignore the bullish outlook. Recently, there has been a huge increase in buy orders of Cardano that led to its price to see a surge of $0.107. According to several analysts, the crypto market is going with a very bullish outlook because of which there will be a further increase in the price in the future. According to the In/Out of the Money Around Price (IOMAP), it is revealed that in the next step, the price will be seen around $0.115.