Cardano is one of the most popular cryptocurrencies in Germany. The interest in Cardano and its token ADA is extremely high due to its special technical requirements. After the big bear market in 2022, many investors are hoping for the next update of Cardano. When will the future Cardano update arrive?
In this article, we want to take a closer look at how the development of Cardano is going and when the next major update of Cardano is due. Learn more about the future development of Cardano!
What is Cardano?
Cardano is a blockchain network that was founded in 2017. Ethereum co-founder Charles Hoskinson was the founder of Cardano. The Cardano blockchain uses the efficient proof-of-stake consensus mechanism. The native token of Cardano is called ADA.
Cardano is a blockchain whose development is planned for the long term and will be further developed according to scientific standards. As a result, Cardano adopts the best features of other blockchains and improves the errors of these blockchains in its own project. Most recently, Cardano introduced smart contracts.
How has ADA’s course developed in recent months?
Like all other cryptocurrencies, the value of the ADA token has developed negatively in recent months. Since November 2021, we have been in a bear market. These prices of Bitcoin and Ethereum reached their all-time high this month. Since November, prices have been falling continuously.
Cardano (ADA) reached its all-time high in September 2021. At that time, the ADA token reached a value of over 3 dollars. But then there was a drop in the ADA course. This was mainly due to the emergence and increasing popularity of blockchains such as Solana and Avalanche. These are on “Ethereum alternatives” in competition with Cardano.
What makes Cardano so special?
Cardano is a blockchain backed by the Cardano Foundation. This organises the further development of the network. Evidence-based methods are used in the further development of the Cardano blockchain. The development is oriented towards the long term and should ultimately create the most technically sophisticated blockchain.
The further development takes place in several phases, in each of which work is carried out on one focus. As a result, criticism arose that Cardano is developing too slowly and is not economical. Deven after the big Alonzo update in 2021, the ADA price rose massively.
What are the 5 phases of Cardano and what is the next update?
Cardano is divided into 5 phases in development. In the following we summarize these phases briefly:
- Bryon: At Byron, the complete technical basis created for Cardano. The network token ADA and the proof-of-stake protocol Outboros were created.
- ShelleyShelley was Decentralization the main focus of the developers. At the end of development, the Cardano network was 50 to 100 times more decentralized than before.
- Goguen: At Goguen, the big step was taken to the Smart Contracts make. Thanks to the introduction of smart contracts, Cardano has now been able to be the basis for decentralized applications.
- Basho: Cardano is currently in the Basho development phase. In doing so, the Scalability and interoperability will be massively increased. In the end, the transaction speed could be up to 1,000 transactions per second.
- Voltaire: In the last stage of development, the Governance Functions developed by Cardano. In this way, participating parties in the Cardano network can also influence the development of Cardano.
At the moment we are in the Basho development phase. Under this link you will find the overview of the roadmap of Cardano.
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What is the next update at Cardano?
The upcoming next update at Cardano is the Vassal Hard Fork. This update is intended to immediately reduce the cost of transactions at Cardano. The update is scheduled to be launched at the Cardano Blockchain on June 29, 2022. The Vasil Hard Fork was already launched in his public testnet.
In addition to reducing transaction costs, the Vasily Hard Fork is intended to improve the stability and connectivity of the Cardano blockchain. The reduction of costs in transactions is achieved through the CIP-33 mechanism.
In addition, the Vasily Hard Fork contains CIP-31 and CIP-32 as an update for Cardano. The CIP-31 upgrade allows dApps to interact more efficiently with Cardano. CIP-32 allows developers to store data on the Cardano blockchain “On-chain”.
What does the update mean for Cardano?
The Vasil Hard Fork ensures a significant improvement of the Cardano blockchain in various aspects. The reduction in transaction costs makes the Cardano blockchain even more attractive for decentralized applications. Furthermore, this will bridge the time until the large-scale developments within Basho, which should make Cardano the most efficient and fastest blockchain on the market.
Cardano is in competition with other blockchains such as Ethereum or Solana. The Ethereum blockchain is the number 1 in decentralized applications. Ethereum has been offering smart contract functions for several years and was thus revolutionary. In recent years, however, more and more projects have emerged that want to attack the Ethereum blockchain.
Cardano has been known as the “Ethereum killer” in recent years. Because the Cardano blockchain has some advantages over the Ethereum blockchain. With the Ethereum 2.0 update, Ethereum wants to solve its problems in the long term. If Cardano wants to attack Ethereum in the future, the blockchain needs continuous further development.
Can Cardano (ADA) rise again after the update?
At the moment, the ADA token price is extremely low due to the bear market. The update could lead us to see a slight recovery in the ADA price again. However, a big bullrun is unlikely in the short term, as the market is currently in such a downtrend.
In the medium and long term, however, Cardano is a project that could gain massively in value again. It is even possible that in the future Cardano will be able to replace the Ethereum blockchain at the top of the foundation for decentralized applications. Here, in a few years, courses of $ 100 or $ 1, 000 are possible. The currently extremely low prices are therefore a good opportunity to enter for a long-term investment.
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