Cardano, one of the most promising ecosystems, has gained significant traction in recent years. Various upgrades, not only in the United States, but all over the world, have aided its native token ADA to surge up to 1500 percent YTD. Here’s what you can look forward to from this platform in the coming months.
Charles Hoskinson, the chief executive of the IOHK team, addressed the issue during the most recent AMA session. However, this time from Ethiopia rather than “warm sunny” Colorado. To begin, Hoskinson discussed the new ERC-20 Cardano converter bridge, which went live on September 12th.
This is an important link for users outside of the Cardano ecosystem. Users of Ethereum-based tokens, for example, will be able to benefit from Cardano’s transaction capacity and lower fees. SingularityNET will be the first token to migrate to Cardano upon its launch. Here’s a status update:
“The SingularityNET is undergoing migration… (In the meantime,) the ERC 20 converter has two targets, one of which is the main chain. We can do a lot of cool things with Plutus now that he’s here; the other will be Mamba. It’ll have a fantastic two-way bridge to Mamba…”
Regardless, the goal remains the same. According to Hoskinson, the “more generic framework for the long term goal is automation and bridging so it’s easy to move between and wrap assets and so forth.”
There were also inquiries about the Plutus Application Backend (PAB) [an off-chain, backend service for managing and handling the requirements of the application instance throughout its lifecycle] going live. Hoskinson, for one, was quick to acknowledge this. He stated that his best guess was November.
This was, without a doubt, the most important aspect of this AMA. Developers will be able to interact with smart contracts after this step. More information and benefits can also be found on a blog.
Meanwhile, the successful implementation of the previously mentioned aspect was also linked to the following topic of discussion. It was Hydra, one of the most exciting new developments made possible by Alonzo. “A huge amount of work is going into it, and we’re going to keep adding resources to Hydra, and we’ve been trying to identify some teams so we can accelerate, parallelize the workstream because it’s such a high commercial priority,” Hoskinson said.
This will, without a doubt, be a critical upgrade. This is why. Hoskinson claims that
“It will be able to offload a significant portion of the transaction traffic that will be generated by all of the new apps” (soon). Cardano will be bombarded with massive amounts of traffic as PAB goes live. Hydra is required for that…”
Regardless of such developments, Cardano has been a victim of social speculations and disinformation over time. Even during the interview, one of the followers inquired whether there was some misinformation about increasing block size not actually increasing the amount of Plutus smart contracts per block. Clearly, Hoskinson was quick to dismiss such criticism.
“It’s a lie…
Of course, if you increase the raw amount of storage in the block, you can have more scripts in that block.”
Regardless of such speculations, Cardano has performed admirably. It was named one of the most influential projects of 2021.