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Cardano Founder Shares Key Inputs into Project's Development

Wed, 06/01/2022 - 15:28
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Tomiwabold Olajide
Cardano founder reveals key inputs in development of its blockchain
Cardano Founder Shares Key Inputs into Project's Development
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Cardano founder Charles Hoskinson has reacted to a user's claim of sending 56 different Cardano Native Tokens (CNTs) and other NFTs in a two-minute transaction on the network, with a total fee costing about 25 cents.

The Cardano creator, obviously impressed with the network performance, went ahead to disclose the key inputs that went into creating Cardano. "A lot of careful design and building went into making this system," he says.

Expectations remain high for the June hard fork combinator event, with the community speculating that the Vasil upgrade could bolster the influx of dApps through the CIP-33 (Reference Scripts) meant to be introduced through the Vasil Hard Fork.

The purpose of reference scripts (CIP-33) is to reduce transaction costs in general. At the moment, each transaction requires the inclusion of new scripts. Reference scripts can be used to interact with scripts, which pushes them into the chain. As a result, interaction between smart contracts is minimized as much as possible.

Vasil in June

According to a recent report from Cardano's parent firm, IOHK, the closed Vasil testnet has already been deployed to assess its functionality with a small group of dApps and users. Also, in preparation for the Vasil Hard Fork Combinator (HFC) event, the Cardano team continues its work on consensus-specific upgrades.

The public testnet for the forthcoming Vasil Hard Fork could be accessible in early June, with the mainnet launch set for June 29.

ADA was trading at $0.59 at the time of publication, down roughly 7% as traders took profits. After hitting lows of $0.44 on May 27, ADA rose to reach highs of $0.689 on May 31 before reversing.

The Cardano network has now minted over five million NFTs ahead of the much-anticipated hard fork. The number of native assets issued on the Cardano blockchain is currently 5,019,030, according to data, with 54,986 different minting rules.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.