- Cardano announced Hydra v.0.16.0, which improved scalability with cardano-node v.8.9.0 compatibility and Conway block format.
- After tremendous development and market expectation of Chang Hard Fork network decentralization, ADA’s price rose 4.12%.
Cardano has launched Hydra version 0.16.0, which is a significant step in the network’s development towards unparalleled scalability and lower transaction costs. This announcement is based on the Cardano Weekly development report.
This most recent development is a component of the “Basho” stage, which emphasizes network scalability and is necessary to support the blockchain’s expected expansion, in line with what ETHNews previously disclosed.
Improved Capabilities Using Hydra v.0.16.0
The Cardano development team has been working tirelessly to improve the blockchain’s infrastructure, and the latest release of Hydra v.0.16.0 is proof of this. This version supports the new Conway block format and works with cardano-node v.8.9.0.
Improvements were made to Hydra clients like Hydraw and kupo in conjunction with the software update to guarantee compatibility with the modified Hydra API format.
Of course, this update demonstrates Cardano’s dedication to staying at the forefront of blockchain technology, offering users a seamless experience and powerful tools for developers.
Progress in Signature Scalability and Mithril
Concurrent with the Hydra update, the Mithril team has advanced Cardano transaction security and efficiency. This entails establishing incremental transaction storage and scaling signature and proof generation for the mainnet.
Furthermore, in an effort to advance blockchain capabilities, a new testing network has been set up to handle mainnet data scaling.
By optimizing database providers for the aggregator and decentralizing signer registration via a peer-to-peer network, the team’s initiatives have the potential to establish new benchmarks in the field of blockchain technology. This YouTube video goes into much detail to explain these developments.
The Reaction of the Market and Potential Futures
The native Cardano cryptocurrency, ADA, has had a robust market reaction since these changes. CoinMarketCap reports that despite a bearish trend over the last week with a 17.52% decline, the price of ADA has improved by 4.12% in the last 24 hours to $0.4911.
These advances precede the planned Chang Hard Fork and Ouroboros Leios developments, which are both expected to take place in the second quarter of 2024 and are intended to further decentralize the network and improve transaction efficiency, as previously reported by ETHNews.
Getting Ready for Catalyst Fund Project 12
Aside from technological improvements, Cardano’s team is getting ready for Project Catalyst’s Fund12, with plans for an in-person launch event on April 26 in Barcelona, Spain. This project demonstrates Cardano’s commitment to fostering innovation and community interaction within its ecosystem.