IOHK continues with the new Allegra Cardano protocol upgrade after successfully applying a change to the Cardano protocol which is set to bring token locking as a new feature on the platform. The upgrade Allegra, will happen tomorrow, December 16 which represents a huge step in IOHK’s drive to bring both GoGuen’s smart contract functionality and the Voltaire governance to Cardano so let’s read more in today’s Cardano ADA news.
IOHK, the company that runs Cardano, announced that they successfully made a new upgrade. IOHK continues with Allegra, a new protocol upgrade that will bring token locking to the blockchain which will bring changes to Cardano alongside the integration of metadata on the network. Token locking will have a huge impact on Cardano’s way of working and it also requires a hard fork to be implemented.
Thanks to the unique hard fork combinator, the protocol upgrade went really smooth and there were no breaks and interruptions or restarts to the blockchain. Those that hold the coin will have to run the latest version of their wallets while the stake pool operators are required to update their nodes to the latest version. Exchanges will have to update their software stacks but the company said that dedicated teams from IOHK and Cardano Foundation will assist in the transition. Allegra will be launched tomorrow, December 16 before 10 PM UTC.
According to the company’s official announcement, Allegra will prepare Cardano for smart contracts and will provide an important piece of governance functionality thanks to Voltaire. Token Locking will enable Cardano to record an issuing of a token on the network and it will enable a certain number of tokens to be reserved for a specific period of time so they can benefit as well, via voting or running complex smart contracts. The company said:
“This update is another key milestone in the incredible Cardano journey we’ve been making since Shelley this summer. We’re delighted to deliver it – as we promised – during 2020.
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See you on the other side as we continue accelerating into Goguen, and all the new utility it will bring in 2021.”
As recently reported, IOHK will change the Parameter K and therefore it will influence the staking rewards for Cardano users. The parameter K that IOHK will change will be increased to improve the decentralization and to also force users to switch to smaller staking pools. IOHK marketing and communications Director Tim Harrison presented the roadmap of key points in Cardano’s decentralization.
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