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Cardano Network Gears up for Major Network Updates! Will This Propel ADA?

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It is more than just the price for many people who have invested in IOHK’s Cardano network. Cardano Community announced earlier this month that it had reached two million ADA wallets. 

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Charles Hoskinson, the CEO of IOHK, is also confident about the project’s progress. Recently, he stated, that he is pretty pleased with how Cardano’s vision for 2022 is shaping up. He adds that Cardano is a live ecosystem that’s constantly evolving, refining, adapting, and strengthening.

The company also explained how it will optimize network performance over time in a recent blog post. It was stated that Cardano’s priority in the future will change from delivering basic capabilities and correctness to optimizing. Tim Harrison of IOHK commented, 

“As the network grows and Cardano functions at a higher capacity, we will be adjusting the parameterization to keep up with network demand.”

Cardano Network eyes development

In light of the current congestion caused by large NFT dips, it plans to construct more efficient traffic systems in the near future.

The company has told that they’ll be able to alleviate NFT drop congestion in the short run by more evenly dispersing the stake distribution and reward distribution computation.

The network is also meant to be “very durable even under considerable saturation,” according to IOHK. As a result, when it experienced a significant number of simultaneous NFT transactions, the “‘congestion’ phase lasted less than one hour.”

Despite this, IOHK stated that “gradual enhancements will be made over the following few months.”

With a focus on improving network performance, Harrison also predicted a possible delay between transaction submission and adoption. For that optimization, Cardano will also look into boosting block size, Mempool size, and script compression, among other things 

Cardano’s Hydra is set to bring extra capability in the mid-term” as a result of this. Hoskinson had recently commented in this regard, 

It will be able to offload a significant portion of the transaction traffic that will be generated by all of the new apps” (soon). Cardano will be hit by a massive quantity of traffic once PAB goes live. Hydra is a must for that…There are likely to be further revisions to the Ouroboros protocol in the future.

It will be able to offload a significant portion of the transaction traffic that will be generated by all of the new apps. Cardano will be hit by a massive quantity of traffic once PAB goes live. 

There are likely to be further revisions to the Ouroboros protocol in the future.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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