- According to founder Charles Hoskinson, the choice was influenced by community input.
The Cardano blockchain’s creator, Charles Hoskinson, has stated that CIP-69 will be a part of the network’s impending Chang hard fork.
Hoskinson stated, “I noticed the CIP-69 requests coming in. There seems to be a lot of community demand for it.” The CF has also been advocating for Chang to include CIP-69.
The design and safety of DeFi protocols have been severely limited by a mutual reliance issue that has plagued developers of decentralized apps (dApps) on Cardano. This issue arises when two validators, who confirm transactions, must recognize each other in order for them to function.
A problem arises when two validators require each other’s hash. Our design space is limited by this significant obstacle, as stated in the Cardano developers’ forum. Typically, tokens are designed to be created at any moment, which increases system instability and calls for additional frontend checks.
Enhancing security and confidence for developers developing on Cardano is the aim of the planned CIP-69. With this modification, a validator script might be used more creatively and serve several purposes, such as minting and spending tokens, without encountering the difficulties brought on by the current design limitations.
Cardano’s upcoming significant update is planned for June 30, although Hoskinson has admitted that the introduction of CIP-69 is likely to cause a delay in the Chang hard fork.
The native cryptocurrency of Cardano, ADA, had a 90% increase in trading volumes in the last day, with $500 million worth of ADA changing hands, according to CoinGecko data.
In the midst of a widespread market selloff, ADA is down 2.2% percent for the day despite the tumultuous volume.
With the upgrade, the Cardano community will have more control over project initiatives and financial management, ushering in the so-called “Voltaire” governance period.
According to the Cardano roadmap, network users will be able to use their stake and voting rights to influence the network’s future evolution once a voting and treasury system is implemented.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
