Cardano Foundation Launches Central Registry for On-Chain Identifiers

After launching smart contracts and fully embracing decentralization, Cardano Foundation has set up its Cardano Registry. The registry will house important token details.

Cardano’s (ADA) plan to become fully decentralized has gradually materialized after a series of upgrades. The Mary protocol upgrade went live on March 1, 2021. It was a major step towards the development of the Goguen upgrade. The latter was tipped to introduce smart contracts and many other features.

By introducing smart contracts, anyone can mint tokens on the Cardano blockchain. Community members have taken the plunge to mint 1,500 tokens and 600 tokens on the testnet and mainnet respectively.

Cardano is now set to introduce the Cardano Registry in order to effectively keep records of minted tokens.

The registry will keep record of the details of tokens minted on the Cardano network in a centralized manner. Cardano Foundation describes the registry as “a trusted and curated collection of on-chain identifiers for tokens written and deployed on Cardano.”  

These on-chain identifiers include public keys, hashes, token addresses, minting policies, among other things. It mandates developers and token creators to input their token details on the Cardano Registry.

Benefits of token registration on Cardano Registry

Cardano listed three advantages of registering tokens on the registry, which are authenticity, ease of verification, and enablement of meta discovery. Token registration proves a token’s authenticity and shows that developers minted them under the platform’s guidelines. Tokens registered can also be easily verified.

Also today, the crypto IRA platform announced that it would be introducing ADA to its list of available assets.

ADA can be accessed for investors’ IRA and 401k accounts. It will join the likes of BTC, XRP, and ETH, as well as LTC, DOT, EOS, and LINK.