Cardano (ADA) one of the biggest cryptocurrencies saw a major uptick on Friday after a long period of decline. ADA price jumped by over 7% in the last 24 hours leading to the altcoins recovery. However, top cryptos like Bitcoin (BTC) and Ethereum (ETH) have recorded a marginal surge over the last day.
Cardano to implement major update
As per reports, the Cardano protocol is set to receive a major update soon. This will aim to upgrade the development of smart contracts and decentralized applications (dApps) on its network. This is completely driven by community demand as it incorporates the CIP-0069 proposal. It will address key development challenges and is expected to streamline the creation of dApps on the chain.
Charles Hoskinson, the founder of Cardano, came ahead to assure the community that this update will not delay the upcoming Chang hard fork. The much anticipated fork is scheduled for the end of June. The Chang will introduce community governance. However, it will allow every ADA token holder to participate in the protocol’s development and decision-making processes,
ADA price registered a major decline over the last year while other major cryptos managed to capitalize on the recent bullish wave, Cardano is down by 17% on the year to date (YTD) basis. However, it has gained around 9% in the last 30 days.
What’s next?
Cardano price is now up by 5% in the last 7 days. ADA is trading at an average price of $0.488, at the press time. It is still down by 84% from its all time high (ATH) of $3.10 recorded on September 2, 2021. Its 24 hour trading volume is up by 10% to stand at $463 million. Its market cap stands at around $17.4 billion.
The CIP-0069 proposal specifically targets the issue of mutual dependency between validator nodes, a common problem in the current design of Cardano’s scripts and tokens.
It is important that mutual dependency can restrict the security and flexibility of the network. It can pose challenges for developers. However, the update aims to eliminate this dependency, enabling scripts to function independently and simplifying the development of secure, flexible dApps. By addressing the mutual dependency issue, CIP-0069 will allow for a single validation script to be used for various functions, enhancing the security and trust in the network’s development processes.
