Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

Cardano’s 2024 Kickoff: First Two Weeks Show Major Updates, Report

In a report from the educational tool Essential Cardano, the team behind Input Output Global (IOG) showed some of the latest updates to ship in the ecosystem. From performance to scalability, the network continues to implement improvements.

Cardano has been regaining bullish momentum in the crypto market as the news of the spot Bitcoin Exchange Traded (ETF) fund in the US pushed the sector higher. At the time of writing, ADA’s price trades at $0.5 with a 7% profit in the last week.

Cardano ada adausdt price etf charles hoskinson
ADA’s price trends to the upside on the daily chart. Source: ADAUSDT on Tradingview

Big Updates, Big Things In Store? Cardano Picks Up Bullish Momentum

According to the report from Essential Cardano, the network saw the introduction of a new version of its client, v.8.7.3, by its core technology team. The update addresses an issue with the outbound governor function, causing communication problems across specific nodes and impacting network performance.

On the other hand, the networking and consensus teams implemented an update on the decision logic used by a cluster run by IOG and integrated a new ledger database, respectively. These updates will allow the network to mitigate performance issues.

The report noted that the Lace team fixed a bug in the wallet and services sector that affected the singData method, impacting the visualization of stake pool rewards. The team also fixed issues with reading minting transaction data, stake pool visualization, and transaction signatures.

An official post stated the following regarding a new feature that gave users more freedom to synchronize their wallets:

Using multi-address wallets with Lace just got smoother, with a new simple way to discover and sync new addresses. Ready to make your life easier? Go to ‘Wallet Sync’ in your settings to resync your multi-address wallet and discover new addresses. After all, why shouldn’t we have our wallets and use them, simultaneously?

Cardano Funding, Smart Contracts, And More

On the smart contract side, the Cardano platform, Plutus, received an update to enhance its performance. In addition, the team implemented an update that allows the node to index consensus events and ledger states.

This implementation represents a milestone in the platform’s long-term progress and in its capacity to deploy a queryable node, IOG noted.

As in previous years, the Cardano ecosystem will stay focused on its community and in ways of promoting participation in its governance model. In that sense, the community awaits the release of a “constitution” to be agreed upon and voted by elected delegates.

Furthermore, the fundraising device for the ecosystem, Project Catalyst, will conclude its voter registration. This tool will continue to be a key ecosystem component throughout 2024. The post noted:

Fund11 is progressing through the community review stage, now entering the moderation part where experienced community members help cross-check the output of the reviews. Results of this stage should be known within two weeks.

The improvements have allowed the Cardano ecosystem to grow, deploy new features, and onboard new projects. All of which will be easier to visualize with the new Mithril Explorer.

Cover image from Unsplash, chart from Tradingview

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Leave a Reply

Your email address will not be published. Required fields are marked *