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Cardano Technical Update: How Is It Going to Affect ADA’s Future?
In this highly competitive cryptocurrency market, maintaining a stable price range and reasonably high market capitalization has become seriously challenging in the past few months. Due to the volatility and drastic falls in the price of Bitcoin, the cryptocurrency with the highest market capitalization till date, a great percentage of cryptocurrency traders are losing their faith in Bitcoin and inclining towards other alternatives or Altcoins. The Altcoins that are currently leading the currency charts are in fierce competition among themselves to make further sustainable ameliorations in their blockchain platform. Cardano along with its default cryptocurrency ADA certainly belongs to this group of digital coins.
Since its introduction to the crypto-traders on 29th September 2017, this cryptocurrency has been the cynosure of the cryptocurrency market due to its unique blockchain platform and corresponding features. It was the first cryptocurrency to implement the highly efficient proof-of-stake algorithm named Ouroboros. Also, the two different layers of Cardano’s blockchain platform, CSL (Cardano Settlement Layer) and CCL (Cardano Computation Layer) add to its efficiency and swift transaction system.
Despite already possessing a highly sophisticated blockchain platform, ADA’s development team are constantly implementing new features for the traders’ convenience. On 19th April of this year, Cardano team published a report of their weekly technical updates which have been completed successfully. Here, some of those developments would be discussed along with their probable effect on Cardano’s future.
Technical Developments Completed Recently:
Core Updates: The Cardano team has been able to make considerable improvements in their core architecture through their recent technical developments. In addition to finalizing the test coverage for the initial fallout and V1 API, the team has been able to resolve all issues and tasks cognate to CSL-2398 which is an integration test and a part of the Continuous Integration process. At the current rate of progression, the implementation of the “fees included” option to the transaction endpoints of CSL-2405 is also going to be completed shortly. Furthermore, the Cardano team has made significant progress so far regarding the documentation of the additional API use cases.
Daedalus Updates: It is well known to the ADA users that Daedalus is the default wallet provided by Cardano blockchain itself for storing ADA coins. This wallet has been very popular with its users for its both online and offline accessibility and security. During last week, Cardano’s development team successfully implemented the asynchronous wallet restoration feature for the users’ convenience. This new feature is likely to offer several advantages to the ADA holders. Also, other features for adding more wallets and monitoring certain transactions would be implemented along with this new version of Daedalus wallet. These major UI changes are likely to make ADA even more accessible and user-friendly to the traders.
Wallet Backend Updates: Besides upgrading the Daedalus wallet, the development team has made conspicuous changes in the wallet backend as well as new and ingenious features. The pre-existing sections of the wallet backend namely the history tracking section and the transaction submission layer section have been re-engineered to add more precision and accuracy to the entire system. In addition to these developments, significant progress has been made so far on the CSL-2382 project which concerns the implementation of pure data layer for passive wallets. This updating process is likely to continue over the next few weeks as well as the development team has documented a migration plan for future.
Networking Updates: Application and verification of blocks are invariably a time consuming and intricate process which requires serious concentration. Cardano’s development team has made remarkable progress in simplifying this process through their latest networking update. The team has successfully implemented the ’serializedSize’ calculation procedure to the Bi class which would make the computation of the serialized size of the blocks a lot easier.
Cardano Decentralisation Update: Although this phase is yet to complete, the last week ADA developers have been able to make a significant number of changes regarding various aspects of decentralization including delegation, incentives, networking, and core specification. Once all of these upgrades are completed, the efficiency of Cardano’s blockchain platform would transform pivotally.
DevOps Updates: The release of 1.2.0 Cardano branch and 0.10.0 Daedalus branch being around the corner, the team is continuously going through the process of debugging the system. As a part of this process, the development team has switched the default branches of Daedalus and Cardano-SL form master to develop. This will certainly improve the developer experience on Github along with community visibility.
The Current State of ADA:
ADA, the default cryptocurrency of Cardano, has been exhibiting a constant upward trend since its inception. Currently, this digital coin holds the seventh position on Coinmarketcap with a price equivalent to nearly $0.3 and a market cap of $7.7 billion (as of 24th April 2018).
Final Thoughts:
Cardano is one of the most sought-after cryptocurrencies to the novice and experienced traders at the moment. Not too long ago, Binance announced a new BNB/ADA trading pair that instantly caused a price surge. With these recent technical developments, the traders can expect a significant number of new features and benefits while using this coin. If this trend continues, ADA is likely to topple many big guns of the crypto-world by the end of this year.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Anthony Easton via Flickr