The countdown has begun for the big upgrade of Cardano (ADA), one of the important players in the crypto money market. So what will this major upgrade bring?
Countdown begins for Cardano major upgrade
As you follow on Kriptokoin.com, the progress in the cryptocurrency market has stalled after strong US employment data. Although the prices of the projects have decreased, they continue on their way in terms of development. Cardano, one of the strong competitors of the leading altcoin Ethereum, is scheduled to undergo a major update in the next 10 days. The Cardano team has set the main-net hard fork for Valentine’s Day. Accordingly, the upgrade is scheduled to take place on February 14, 2023 at 21:44:51 UTC. This means that at the start of the 394th period, the absolute slot height will be around 84844800 and the estimated block height will be around 8403208.
Cardano founder IOG announced that it is targeting a pre-production test environment update for February 11, 2023 12:00:00 UTC. Plutus now has new built-in functions that handle ECDSA and Schnorr signatures. This makes it easy for developers to create cross-chain applications. In November 2022, an intensive integration test was performed in the preview test environment and was successful. This technology is now about to be deployed on Cardano main-net.
Binance will temporarily suspend ADA transactions
IOG and the Cardano Foundation have decided on three critical mass indicators for the final Vasil Hard Fork to ensure the ecosystem is ready. According to IOG, the new upgrade is less complex than Vasil and has less impact on existing dApps. However, teams are working closely with key Cardano stakeholders, especially SPOs, dApps, and exchanges that may need to prepare for new talent, making sure everything is ready.
One is to switch SPOs to the required node for upgrade. The largest crypto exchange Binance has announced that it will temporarily suspend ADA deposits and withdrawals from February 14, 2023, 20:44 UTC, in anticipation of the upcoming upgrade, and will reopen when the network is stable.
Why is Cardano performing the Hard Fork?
It uses the Edwards curve Digital Signature Algorithm (Ed25519), which is also used by Cardano, Monero, and Ripple. This offers fast signature verification and small signature sizes, while also being resistant to certain types of cryptographic attacks.
Input Output Global (IOG) has implemented new built-in functionality in Plutus to handle ECDSA and Schnorr signatures, which will be enabled during capabilities upgrade to make it easier for developers to create cross-chain applications.
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