Cardano Completes Network Upgrade, ADA Reacts To The Upside
March 21 2022 - 6:00PM
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Cardano remains one of the best performing assets in the crypto top
10 by market cap for the past 7 days. ADA’s price, with Avalanche
(AVAX), Ethereum (ETH), and Solana (SOL), trades with over 15% in
profit over this time period, and gains could extend on different
timeframes. Related Reading | Cardano Soars 13% On Rumors Of Burn
Mechanism Rollout, Charles Hoskinson Reacts At the time of writing
Cardano trades north of $0.90 with a 2.5% profit in the last 24
hours. While Bitcoin and larger cryptocurrencies by market cap move
sideways, Cardano’s reaction to the upside could be driven by its
increase in the number of project building on its ecosystem, and
recent improvements implemented on the network. Cardano’s developer
Input Output Global (IOG) has been focused on optimizing and
improving the network. Today, this company revealed their latest
update proposal to increase the per-block Plutus script memory
units limits from 56 million to 62 million. This update, the
company clarified, will aid the network’s scalability. Plutus is
one of Cardano’s recent most recent components as the network made
a transition to implement smart contract capabilities. Operating a
platform, Plutus enables users to leverage a programming
environment. In that way, users can build their own smart contract
without needing technical skills, maintaining code, and removing
the need to use a full development environment. Plutus is one of
Cardano’s most ambitious products as it’s aim at removing friction
from the DeFi sector and onboarding more users to its ecosystem.
According to IOG, this update proposal will: his incremental
adjustment is the latest in a continuing series of optimizations
and increases to network capacity that are being made as Cardano
continues to scale in 2022 for future growth. Once deployed, we’ll
monitor carefully for at least one epoch (5 days) before assessing
any further adjustment. Continued observation & orientation
guided by real world usage is key to growing Cardano capacity
safely (…). Cardano Enters A New Era The update, IOG added, will
come into effect on March 21, UTC 21:44, when the network will
reach epoch boundary 328. The company highlighted the “phenomenal
growth in recent months”, and users should expect “significant”
future growth as well as Cardano becomes more “optimize”. In that
sense, the company warn users about the potential increase in
network traffic as a result of new DeFi projects launching on
Cardano, and new users entering the network. This could bring
congestion to the network, as IOG said, specially around NFT drops
or a token launch. Related Reading | Cardano (ADA) Takes A Tumble
After Hoskinson Is Accused Of Falsifying Credentials This secondary
effect of a potentially bullish activity will improve over time as
the company “steadily” improves the network. IOG claimed: As the
ecosystem grows, we’re now focused on delivering the scaling phase
of its roadmap; improving speed and network capacity while
maintaining security and decentralization.
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