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The revelation has been confirmed by Cardano maintainer IOG, which will likely thrill the horde of ADA supporters. The long-awaited renovation has been slated for Valentine’s Day, according to Rebecca Hopwood, the community organizer at IOG.
The Cardano chain will receive new Plutus SECP cryptographic primitives as part of the SECP update, currently known as “Valentine.” A united technical team from Input Output, the Cardano Foundation, and EMURGO presented the proposal on Thursday following a period of testing in a simulation of real-world performance and tight coordination with stake pool operators (SPOs), programmers, and exchange engineering teams. It is anticipated that the update will go into effect on February 14 at 21:44:51 UTC.
IOG’s Hopwood stated, “We are delighted to announce that the Valentine update is finally here, representing a crucial turning point in the growth of the Cardano network.
By upgrading, the Cardano mainnet will switch to protocol version 8. Users of Cardano nodes and SPOs must update to the newest version of their nodes. Notably, when the upgrade goes live, versions older than 1.35.4 won’t be compatible with version 8 and won’t function on the mainnet.
The Cardano community is expected to benefit from the Valentine update in a number of ways, including better cross-chain dapp development and more interoperability. Cardano’s functionality will let programmers to create apps that link Cardano to other chains. As a result, users of other chains would be able to interact with Cardano dapps’ financial services without any difficulty.
The Cardano network has recently released a number of upgrades, the most recent of which being the Valentine upgrade.
Due to the earlier this month release of Djed (DJED), the network’s overcollateralized stablecoin from DeFi service provider COTI, interest in Cardano DeFi has skyrocketed. Djed is backed by Cardano’s native token, ADA, and is tied to the US dollar. It needs more than 400% in collateral value to be provided before it is granted to a user and uses the Shen (SHEN) token as its reserve coin.
As a result of these network upgrades, supporters of Cardano are still upbeat about ADA’s future development. The U.S. SEC’s continuous crackdown on cryptocurrency staking, however, has experts largely expecting a downward price movement for the coin in the short future. The cryptocurrency industry has been rocked by the news that crypto exchange Kraken would immediately stop using its staking technology and pay $30 million to resolve SEC complaints.
At the time of publication, ADA’s price was $0.362, down more than 5% from the previous day.
