According to a recent blog post by Input Output HK, Cardano network has made great progress in different industries. The Valentine update and the release of the Djed coin are cited as some of the factors that helped the altcoin project grow.
Altcoin project has reached many milestones
The InputOutput organization behind Cardano Blockchain revealed that the network has reached many relevant milestones. In the last blog post, the effective improvements made to the Cardano network are detailed in full. Since the beginning of 2023, Cardano has made progress in key areas such as interoperability, scalability and sustainability.
In this blog, we summarize the subtle yet impactful improvements made so far this year in #Cardano's core areas of interoperability, scalability, and sustainability.https://t.co/I0od7Czu38
— Input Output (@InputOutputHK) May 11, 2023
The blog post highlights how Cardano Blockchain is slowly and securely becoming a blockchain capable of hosting a new DeFi system. Thanks to the biggest upgrades in previous years, hard fork use and stake delegation have entered the network. Additionally, native assets, NFTs, Plutus and Marlowe smart contract platforms have been added to Cardano.
What did the Valentine upgrade bring?
cryptocoin.com As you follow, it should be noted that this year’s improvements have been quite subtle. However, defining Cardano as a third-generation Blockchain deeply impacts the fundamental earwax of the network, including interoperability, scalability, and sustainability. The blog post highlights the following:
First, Valentine’s February upgrade helps developers create software that uses smart contracts. It also expands Cardano’s compatibility with other Blockchains. The upgrade name came from the scheduled release date coinciding with Saint Valentine’s Day for the love of DApps!
According to the blog post, the Valentine upgrade also supports the SECP256k1 curve that leading cryptocurrencies use for public key cryptography. In this regard, the “Valentine update adds support for a curve called SECP256k1. Bitcoin, Ethereum and Binance Coin use it for public key cryptography. The change therefore improves compatibility between Cardano and these other leading blockchains. In particular, individuals and companies that create decentralized applications (DApps) on Cardano will be able to use two more signature types, the Elliptic Curve Digital Signature algorithm (ECDSA) and Schnorr, to verify data.
Hydra helps reduce transaction costs
Cardano has grown in different ways after performing multiple network upgrades. Specifically, this is one of the additions to Cardano’s native signature algorithm known as Edwards-curve Digital Signature Algorithm (EdDSA). When it comes to scalability, Cardano notes that it has actually made significant progress. Thanks to the Hydra technology, which currently sits above Cardano as a layer-2 protocol, developers have the ability to create their own mini-blockchains.
In addition, Hydra heads accelerate processing time for applications. It will also take that load off the main-chain and do the job instead. Hydra’s influence does not end there. Does it go further?
Hydra technologies now help reduce transaction costs. These benefits have led Input Output Global (IOG) to work with MLabs to create an auction using Hydra technology. This inevitably highlights the power of technology. Going forward, another major project called Obsidian Systems will initiate payments using Hydra technology.
P2P contributes to the development of the altcoin project
Dynamic P2P also does a lot for the overall sustainability of the network. Thanks to peer-to-peer communication, network conductivity remains decentralized, allowing relay nodes to interact directly with each other. Meanwhile, it is possible to attribute the progress of the network to the release of the Cardano node software. Because it provides more automatic communication capabilities.
As a result of the last update, the node’s process of choosing other nodes to communicate with during the transaction verification process or performing the many different tasks required to keep Cardano active has been automated. Denial of service attacks or DoS attacks are very common. However, Dynamic P2P seeks to improve network security by making the network more resilient to denial of service (DoS) attacks.
Altcoin project also has a say in the DeFi field
The network also noted that another decentralized finance (DeFi) puzzle was added following the January launch of the Cardano, Djed stablecoin. Just 24 hours after the launch, 27 million ADA support became available on exchanges such as MinSwap, MuesliSwap and Wingriders.
Djed will open up more DeFi opportunities for the entire Cardano network. To maintain the stability of the coin’s price, as six ADA tokens support each Djed token. Djed will also be used to process payments and cover network fees.
