Cardano, one of the largest PoS consensus smart contracts platforms, is undergoing a major overhaul. The big announcement was made today, and given the positive inflation numbers, this could lead to a significant price increase. What is the big upgrade announced today and hours later?
What is the Cardano Hardfork, and When Will it Happen?
The big Valentine update for Cardano will happen hours later. It is expected that the SECP (or Valentine) upgrade for Cardano will take place in the next few hours. Cardano creator Hoskinson IOG and the Cardano Foundation and Emurgo submitted an update request on February 10 to upgrade the Cardano mainnet to protocol v8 on February 14, 2023 at 6:44 UTC. This is assumed to occur at the start of period 394, with a slot height of 84844800 and a block height of 8403208.
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As a result of the SECP (Standard for Efficient Cryptography) update, new cryptographic primitives will be added to Cardano, enabling better interoperability with Plutus and secure cross-chain dApp development.
Plutus’ Upgraded Signature Tech Allows Cross-Network Apps
Plutus’ new built-in technologies that manage ECDSA and Schnorr signatures allow developers to create apps that connect across multiple networks. According to IOG, the new upgrade is simpler than Vasil and will have less impact on existing dApps. Today, Charles Hoskinson, Alex IOHK and others will share the current status of IOG’s Lace wallet on Twitter.
Binance paused ADA Coin trading today due to an upgrade. The network upgrade and hard fork will no longer generate tokens. Binance will allow ADA Coin transactions to resume once the revamped network is deemed trustworthy. After that, deposits and withdrawals will resume.
At the time of publication, Bitcoin (BTC) is trading at $21,800. The current price of the ADA coin is $0.3622. The price rose about 2 percent against BTC. All eyes were on the upcoming inflation statistics. If the data exceeds expectations three months later, cryptocurrencies could fall quickly as the dollar continues to appreciate.
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