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As Ethereum Gas Fees Hit $187, Cardano Emerges as Investor Favorite with Massive Hydra Scaling Update

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    • Cardano has undergone an upgrade called Valentine, which improves interoperability by adding support for SECP256k1 curve used by Bitcoin, Ethereum, and Binance Coin. 
    • Cardano has also improved scalability with Hydra technology, which allows developers to create their mini-blockchains to speed up processing time, cut transaction costs and free up the main chain. 

Valentine upgrade enhances interoperability

The Valentine upgrade is essential for developers to create software that uses smart contracts and extends Cardano’s compatibility with other blockchains. It adds support for a curve called SECP256k1, which improves interoperability between Cardano and other leading blockchains like Bitcoin, Ethereum, and Binance Coin. People creating DApps on Cardano can now use two more types of signature, ECDSA and Schnorr, in addition to the native EdDSA signature algorithm.

This saves time and money for developers, enhances security, and helps remove potential errors that could occur in writing Plutus smart contracts.

Hydra technology enhances scalability

Cardano has made significant progress in scalability through Hydra technology, a layer 2 protocol that allows developers to create mini-blockchains or heads for functions that can be handled off the main blockchain. Hydra heads speed up processing time for an application and cut transaction costs. IOG and MLabs are working on an auction using Hydra to demonstrate the power of the technology.

Additionally, Obsidian Systems is introducing payments using Hydra.

Dynamic P2P enhances sustainability

Cardano has improved sustainability by releasing new node software with more automated communication capabilities, which enhances security and makes the network more resistant to denial-of-service attacks. With Dynamic P2P, a pool operator does not have to configure links to other nodes manually. Each node can find new peers itself across the internet when parts of the network fail, slow down, or are attacked by hackers.

Ultimately, the efficiency of the whole network improves because block diffusion time is minimized, making smarter choices about which other relay peers to maintain links to based on quality measurements.

Djed, a stablecoin on Cardano

Djed, a stablecoin on Cardano, went live at the end of January and attracted 27m ada in backing within a day. It unlocks DeFi opportunities for the Cardano ecosystem, settles payments, and covers fees. Six ada back each Djed to keep the coin’s price stable, and it is available on exchanges such as MinSwap, MuesliSwap, and Wingriders.

IOG Academy training

Alongside technological advancements, IOG has expanded its training courses, which benefits both programmers and non-programmers working in finance. The IOG Academy provides courses, technical guides, and Q&A sessions covering Marlowe and Plutus, the smart contract platforms for Cardano. Over the past five years, more than 500 people at IOG have been working on Cardano, and that figure is now being multiplied by the large number of developers outside the company.

They have launched 119 projects so far, with a thousand more in the pipeline. With every upgrade to Cardano, IOG aims to make their life easier and the road to decentralized finance for the world easier.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628