Here is why it is a big deal for the Cardano ecosystem, and the crypto space in general.
“Cardano will provide many [tokenization options](https://iohk.io/en/blog/posts/2020/12/08/native-tokens-on-cardano/). With the ‘Mary’ upgrade, the ledger’s accounting infrastructure will process not only ada transactions but also transactions that simultaneously carry several asset types. Native support grants distinct advantages for developers as there is no need to create smart contracts to handle custom token creation or transactions. This means that the accounting ledger will track the ownership and transfer of assets instead, removing extra complexity and potential for manual errors, while ensuring significant cost efficiency.
Developers, businesses, and applications can create general purpose (fungible) or specialized (non-fungible) tokens to achieve commercial or business objectives. These might include the creation of custom payment tokens or rewards for decentralized applications; stablecoins pegged to other currencies; or unique assets that represent intellectual property. All these assets can then be traded, exchanged, or used as payment for products or services.
Unlike ERC-20 tokens that are based on Ethereum smart contracts, the tracking and accounting of custom tokens on Cardano is supported by the ledger natively. Because native tokens do not require smart contracts to transfer their value, users will be able to send, receive, and burn their tokens without paying the transaction fees required for a smart contract or adding event-handling logic to track transactions.”
Then in a few weeks will be shipped the ERC-20 converter and the Plutus Smart Contracts layer 2, then later the IELE and KEVM, with backward compatibility and possibility to write smart contracts in ANY of the existing mainstream languages, not just Solidity like Ethereum, a language that we all know carries a technical debt and is frequently exploited which causes hundreds of millions in hacks and various losses.
What’s most impressive is the formally verified, high-assurance, enterprise-grade and running on a protocol written in what is arguably the best financial and functional programming language, Haskell.
There is a reason if Haskell is used by the world’s biggest banks internal protocol. Literally too long to list them all here.
Here is why Haskell is hot for cryptocurrencies :[https://www.fpcomplete.com/blog/why-haskell-is-hot-for-cryptocurrencies/](https://www.fpcomplete.com/blog/why-haskell-is-hot-for-cryptocurrencies/?hs_amp=true&__twitter_impression=true)
Hope this was informative for those of you still in the dark.