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- Cardano’s hard fork event in February to increase Cardano’s interoperability with Bitcoin, Ethereum, and other blockchains.
- ADA may respond bullishly to upcoming upgrades.
Cardano’s next upgrade will tentatively take place on February 14, 2023. The hard fork is said to bring new built-in functionality to Plutus, the smart contract programming language on the Cardano blockchain. This new upgrade supports ECDSA and Schnorr cryptographic signatures, making it easier for developers to build cross-chain apps.
There will be another hard fork event in February. Increased CIP-0049 #Cardanointeroperability with #bitcoin, #ethereum, and other blockchains. Plutus developers can create applications that can verify ECDSA and Schnorr cryptographic signatures.
— Cardano Yoda (@JaromirTesar) January 26, 2023
Two cryptographic signature techniques, ECDSA and Schnorr signatures, have been adopted by multiple blockchains. Among them are the Bitcoin and Ethereum blockchains.
However, Cardano utilizes the Edwards Curve Digital Signature Algorithm (EdDSA) which is fast, secure and compact. However, this signature is not compatible with ECDSA and Schnorr signatures.
The Cardano upgrade makes it easier for developers to collaborate with other blockchains by enhancing interoperability and enabling secure cross-chain DApp development.
ECDSA and Schnorr signatures are supported by new built-in features. Plutus Offers. Make it easy for programmers to create cross-chain apps and ensure the highest level of security.
The entire Cardano ecosystem has successfully completed integration testing and has been preparing for some time.
With over 80% of block-producing nodes running new nodes that need it, this technology is almost ready for implementation on the Cardano mainnet. Incoming changes have already been communicated to exchanges and DApp developers are being investigated to ensure compatibility. This update is planned for February 14, 2023.
The Cardano Community Foundation will notify the community of any new developments prior to the tentative date. Follow the Cardano CF channel for the latest information.
How does ADA accommodate upgrades?
ADA is the native token of the Cardano ecosystem. It reflects the economic activity, perception, acceptance, and appreciation of the Cardano ecosystem. His ADA as a token has been heavily influenced by fundamentals and the upcoming hard fork is part of it.
Cardano will undergo a major Vasil hard fork in September 2022. Far from appreciating, ADA plummeted amid bullish expectations from investors and traders to ‘sell the news’. He was down 9.5% a few days after the successful upgrade. It was hit further by the news of the Federal Reserve, which was trading at $0.43 at the time.
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somehow Ada While the positive reaction is unknown, the upgrade will bring many positive changes to the Cardano ecosystem.
Currently, Cardano’s market sentiment for CIP-0049 is sending a strong bullish bias. The interoperability and ease of development added to Cardano’s smart contract programming language, Plutus, is a major upgrade. Cardano does everything possible to preserve the long-term value and utility of the blockchain and its tokens.
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