Cardano follows the general sentiment in the market as it records a 4.2% profit in the last 24 hours. The price of ADA trades north of $0.96 with a 12.6% profit in the last 7 days.
Cardano seems to benefit from an overall increase of demand across digital assets and potential mitigation of macro-economic headwinds for risks-on assets. In addition, the network seems to be steadily moving towards new improvements.
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Per a recent update from Input Output Hong Kong (IOHK), the company behind Cardano’s development, the network recently saw the implementation of the first of 3 major updates. IOHK claims the core network was upgraded and was introduced to “powerful improvements and enhancements”.
The company has been preparing to introduce these changes on the network, according to Tim Harrison, Marketing and Communications Director at IOHK, after the successful implementation of smart contract capabilities. IOHK added:
This February release is part of a broader plan of core Cardano optimizations and enhancements being delivered in 2022. These include key elements of our scaling plan like pipelining, significant performance improvements to Plutus, Hydra and input endorsers.
Additionally, the company confirmed the deployment of complementary products and architecture, such as light wallets and UTXO on-disk storage, a dApp store, and a certification program. IOHK also claimed they will release new APIs and development tools, sidechains, and a fast synchronization solution.
In order to meet their optimization and scalability goals, Cardano will see parameter adjustments across the year. The company claims these changes will be implemented “steadily” to guarantee the safety of the users. IOHK added:
While you can still expect high network loads at times – e.g. around highly-anticipated launches & NFT + token drops – through methodical adjustments you’ll steadily see headroom expand as the ecosystem grows. All the while maintaining the robustness & security of the network
The Improvements Released On Cardano
Harrison clarified some of the previously mentioned improvements, such as the ability to create transactions with CDDL which will make developers less dependable on third-party tools. Also, ADA users will be able to leverage incremental multi-signature transactions.
In addition, IOHK has implemented improvements on the network Command Line Interface (CLI). Thus, stake pool operators (SPOs), developers, and users can benefit from more predictable transactions, mempool inspection tools, and leadership schedule tools.
Harrison added the following on the recently introduced and the upcoming updates with two Hard Fork Combinator (HFC) events expected for June and October 2022:
In combination with parameter adjustments, these features will enhance Cardano’s throughput and optimize the system to accommodate an increasing range of decentralized finance (DeFi) apps, smart contracts, and DEXs.
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Despite its recent price action and improvements, some users have expressed “frustration” over the pace at which the ecosystem is growing. The opposite view from other users places more value on a slow, but steady development that will bring benefits for the long run.
My gripes and frustation of only a month ago is gone. Having a chain that behaves predictably and reliably are core essentials that @InputOutputHK
are now delivering. I’ve hated the scale it slowly approach, but BOY, it’s soon forgotten when it now proves it by delivering!!
— VEGAS ADA Pool (@VEGAS_ADA_Pool) February 26, 2022