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Cardano Undertakes New Proposal to Speed Up Smart Contract Platform Updates

Thu, 02/10/2022 - 12:52
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Tomiwabold Olajide
Cardano is working on a proposal to speed up smart contract platform updates
Cardano Undertakes New Proposal to Speed Up Smart Contract Platform Updates
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In a recent Twitter update posted by the Cardano developer and shared by Tim Harrison, IOHK communications director, Cardano seems to be working on a proposal to speed up updates to its smart contract platform, Plutus.

This CIP, dubbed ''CIP-35,'' proposes a simpler and shorter process for making CIP proposals to change Plutus Core or its interface to the ledger. The idea around the proposal is to have a more specific and clear structure around Plutus updates and the libraries it depends on. It hopes to work on the degree of bureaucracy this adds, reducing a lengthy and complex process.

Plutus is the smart contract platform of the Cardano blockchain that allows scripting applications that interact with the Cardano blockchain.

Cardano is often reputed for its ''slow and steady'' approach, which has drawn significant criticism in the past. In response to this view, Cardano founder Charles Hoskinson has always stated that the company's "slow and steady" approach to development has proven to be considerably better in the long term.

Steady and sure

Speaking on network adjustments to support future growth in late November, IOHK says that ''every change will be carefully considered and once actioned, subsequently monitored to gauge its impact on performance."

IOHK specifically says that it will not make changes prematurely or at a rate that could jeopardize Cardano's long-term security. It emphasizes the necessity of avoiding decisions that have a long-term impact when dealing with short-term spikes in network traffic.

However, investors who demand immediate results may not appreciate its methodical approach. The ADA price remains down significantly from its all-time highs of $3.10 set in September 2021 following the anticipation of a smart contract launch. ADA is currently trading at $1.20, up 1.05% in the last 24 hours and down 61% from its all-time highs, according to CoinMarketCap data.

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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.