The crypto world woke up to the year’s first bankruptcy case filed by Genesis Global. This bankruptcy case happens to be a major blow to Barry Silbert’s Digital Currency Group as well. However, the crypto market is showing mixed signals.
The world’s first cryptocurrency, Bitcoin is selling at $20,951 with a surge of 0.88% in the last 24hrs. The similar pattern is followed by other altcoins including Cardano which has gained nearly 2% in the last 24hrs. The experts claim that the upcoming updates of Cardano network will fuel ADA prices.
As per the reports, the update is scheduled to take place on Feb 11 and is set to happen on test networks. While immediately after three days, that is Feb 14 the next update will be introduced. Once the update is successful, the smart contract developers on Plutus will have multi-threshold signature designs.
Why The Update ?
Cardano network’s IOHK Tim Harrison has shared the data related to upcoming updates on the network. This upgrade is focused on improving its interoperability along with supporting decentralized cross-chain applications.
The cross-chain applications will be supported once the update influences cryptographic primitives that are used on the network. This can be done when the common digital signature standards are introduced in the Plutus smart contract platform.
Next, Harrison describes the current issues with the algorithms which require more time, effort and are also expensive when connected with other blockchain networks like Bitcoin. Hence, the embedded features have to be introduced to support Cardano’s main digital signature called Ed25519 along with ECDSA and Schmitt signatures.