NFTA tokens will be given away to those who contributed to the launch of Cardano’s new developer portal. Similar to NFTs, but different from Ethereum-based tokens.
The Cardano Foundation, organization responsible for supporting the ecosystem of Cardano, presented this Wednesday a new type of token based on the blockchain. It’s about a “token non-expendable appreciation / thank you ”, or NFTA, for its acronym in English.
Similar to the NFTs, the developer group of Cardano has become a pioneer in coining a type of token alternative to popular collectible assets. With rare properties like NFTs, blockchain-based NFTAs of Cardano They will be awarded as a gesture of appreciation to the programmers and developers who have contributed to the progress of the project.
The non-profit organization reported on the issuance of the new tokens through his Twitter account.
NEW DEV BLOG: How we minted the NFTAs, and why we went for this standard
Tokens built on #Cardano are native. Unlike Ethereum’s ERC-20 tokens, Cardano doesn’t require a smart contract.
— Cardano Foundation (@CardanoStiftung) August 11, 2021
The Cardano Foundation detailed that the launch of the NFTAs were a way to celebrate the creation of the official developer portal and that these would be distributed as a prize to the collaborators of the new website.
NFTAs are NFTs that show appreciation to the ten developers who provided feedback and helped build the developer portal. Think of them as “certificates of participation” when you attend a seminar or event that they give out to attendees. Only they are digital!
What are the new NFTAs?
According to the information, NFTAs have the same scarcity and non-interchangeability properties that characterize NFTs. Although its main utility is that the developers of Cardano they will be able to take advantage of these tokens to highlight a topic or project within the new portal.
“For example, you can highlight a project they are working on or inform the Cardano community about a specific topicThey commented on the matter. Featured articles can be found in the Cardano developer portal blog.
As we have previously reported, NFTs are scarce digital assets based on Blockchain that can represent almost anything –tweets, art, game items … even genetic code – and sold as certificates of ownership. This year, NFTs have gained a lot of popularity in the crypto space, proving to be a highly lucrative market.
One of the highlights of the minting of NFTA by the Cardano Foundation is that they would be the first tokens non-fungibles to be issued on the blockchain of Cardano. Recall that this network has not yet deployed the smart contracts functionality, so it does not have the characteristics to coin tokens, including NFT.
Different from NFTs of Ethereum
However, this novel type of asset did not require smart contracts to be created. As explained by the developers, new tokens are minted in accordance with the CIP 721 metadata standard, a proposal a group of developers of Cardano focused on NFT. This format allows users to attach metadata to the token from Cardano so that the information can be stored in the Blockchain.
“Unlike Ethereum ERC-20 tokens, Cardano does not require a smart contract. Instead, tokens are treated like Cardano’s native token, ADA“, They explained in the statement, and added:
Since the tokens in Cardano are native, the binding of the token to the metadata must be established differently than Ethereum, which creates the binding using smart contracts. For Cardano to make the binding unique, CIP 721 suggests that the metadata be attached to the transaction where the token was created.
To guarantee the authenticity of these tokens and its metadata, the official wallet of the Cardano Foundation authorized the transactions to mint them. The minting process of tokens can be verified by a QR code that sends everyone to the browser Blockchain from Cardano. Furthermore, lyou tokens They can be verified through the official website of the organization’s NFTA.
Cardano registers rise of 20%
In other news related to the ecosystem Cardano, the network’s native currency, ADA, experienced a meteoric price increase on Wednesday. Amid an uptrend in the cryptocurrency market, ADA is striking for posting one of the highest percentage gains among the top digital assets by market capitalization.
The cryptocurrency of Cardano It has risen about 20% in the last 24 hours, a rise that takes it to trade at USD $ 1.88, a price very close to its historical maximum of USD $ 2, reached in May of this year.
The price surge of ADA, the fifth largest cryptocurrency by market capitalization, occurs when Bitcoin (BTC) has managed to break the $ 46,000 barrier for the first time in three months. Likewise, the rise in the price of token from Cardano also arises in the middle of expectations for network updates that will eventually bring smart contract functionality.
Charles Hoskinson, founder of Cardano and CEO of the development company Blockchain, IOHK, raised hopes about the impending update on Tuesday. During a live broadcast, he expressed his confidence about the early arrival of the last stage of the multiphase upgrade:
We are on our way to announce Friday […] the date for the Alonzo hard fork event, and at that point you will be able to execute smart contracts on Cardano.
Hannah Estefanía Pérez’s version / Daily bitcoin
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Cardano Foundation presents new type of token called ‘NFTA’, while ADA rises 20% – DiarioBitcoin