Development company Input Output Global (IOG) has announced that a major update to the Cardano blockchain is coming. It will be released on February 14 or Valentine’s Day. The update is therefore also affectionately called Valentine.
ADA increased by 47% in 2023
Before we dive into the update, let’s take a look at the price of ADA, the currency of Cardano. That’s a 47% increase since the start of this year, but it’s leveled off a bit in recent days. Today, the share price is down 1%.
At the moment, the coin is trading at $0.34, but perhaps the news about Valentine’s Day has not yet been picked up by the market.
What does Valentine’s Day add?
This is getting a bit technical now and will be of particular interest to true Cardano nerds: Valentine will introduce new Plutus SECP cryptographic primitives on the Cardano blockchain.
The proposal was presented on Thursday by three teams, and in addition to Input Output Global, the Cardano Foundation and a technical team from EMURGO are also responsible.
The update has been tested over a period of time in a virtual environment that mimics real-world performance, and in close collaboration with Stake Pool Operators (SPOs), developers, and technical exchange teams. The update is expected to take effect at 10:45 PM on February 14.
The upgrade includes moving the Cardano mainnet to the v8 protocol. Users of Cardano and SPO nodes should update their nodes to the latest version. In particular, versions older than 1.35.4 will not be compatible with v8 and will not work on the mainnet after the update is released.
Nice. But what’s really going on? Valentine mainly ensures that decentralized applications that use blockchain bridges work better. This bridge connects different blockchains such as Cardano and Ethereum.
This means developers can build apps on top of Cardano that connect to other blockchains. The idea is that smaller blockchains can take advantage of the financial opportunities that Cardano already offers.
What else is played on Cardano?
Not only are Cardano’s various development teams working on Valentine, much more is planned. For example, COTI launched a stablecoin called Djed on Cardano earlier this month.
Djed is pegged to the US dollar and backed by Cardano’s proprietary token, ADA. It uses Shen tokens as a reserve currency and requires more than 400% of the collateral value to be posted before being issued to a user. This type of stablecoin took a huge hit in 2022 when the earth dollar crashed.
What is the status of the Cardano strike?
On Thursday night, it was announced that US crypto exchange Kraken had to pay a $30 million fine and end SEC strike services.
Charles Hoskinson, the founder of Cardano, discussed on YouTube what Cardano needs to do to keep offering scams. He suggested that staking models should be changed to avoid regulatory disputes and improve staking services.
According to Hoskinson, Cardano is talking about a new coup model called “Contingent Coup”. This new mechanism allows participation pool managers (SPOs) to choose which users are allowed in the pool to comply with US regulations.
Cardano’s founder said the current enforcement law used by the US government in the crypto industry is a counterproductive way to conduct financial business.
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Source: Btc Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
