Cardano Valentine Upgrade Goes Live, Impact On ADA Price

Updated: 20 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

What – The company driving the development of Cardano, IOG (Input Output Global), revealed that it had released its Valentine upgrade.
Why – This upgrade will support SECP, a curve that allows the implementation of public or private key cryptography to approve transaction signatures.
What Next – Cardano (ADA) has seen a surge in value, rising by 8%. Currently, the token is leading the crypto pack today.

Cardano (ADA) has seen a surge in its value, rising by 8%. Currently, the token is leading the crypto pack today. Other green coins push the global market cap above $1 trillion.

But the growth in ADA price emerged after its much-anticipated Valentine upgrade went live on February 14, 2023. This upgrade is a crucial step towards a fully functional Cardano network.

Cardano Launches Its Valentine Upgrade

The upgrade also brings significant changes to the network, including integrating smart contracts, which will enable the creation of decentralized applications (DApps) on the Cardano blockchain. This will likely attract more developers to the platform and make it more competitive with other leading blockchain networks, such as Ethereum.

According to the announcement from IOG, the upgrade also aims to improve the network’s transaction speed and scalability, making it more efficient and cost-effective.

Native support for SECP now fosters cross-chain interoperability while ensuring the highest level of security. With the #Cardano #Valentine upgrade, developers can now easily create cross-chain DApps that are secure, reliable, and cost-effective.

3/4

— Input Output (@InputOutputHK) February 14, 2023

The IOG also noted the essence of interoperability in a different tweet. It stated that this feature would, in turn, contribute to the growth of the blockchain and the support for SECP while ensuring additional security. The team has been working tirelessly to ensure the upgrade’s success, and the positive response to its launch is a testament to their efforts.

Moreover, the Cardano community has been eagerly awaiting this upgrade, with several social media users expressing their thoughts on the future and potential of the Cardano network.

It’s uncertain how this move will affect the price of the ADA token in the near future. In the meantime, Cardano trades at $0.3845, per data from CoinMarketCap. It currently displays a 24-hour price change of 6.28%.

Cardano’s Popularity Surges

Cardano has been gaining popularity among developers and investors in recent weeks. According to industry experts, this surge in interest results from several factors, including its unique approach to security, sustainability, and scalability, similar to Ethereum. Cardano also focuses on academic research and has a unique approach to developing new functionalities and features.

One key advantage of Cardano is its use of a proof-of-stake consensus algorithm, which allows for faster and more energy-efficient transactions than traditional proof-of-work systems. This makes the platform more environmentally friendly and less costly to operate.

In addition to its technical features, Cardano has also gained attention for its commitment to sustainability and social impact. The platform has partnered with several African countries to provide blockchain-based solutions for identity verification, supply chain tracking, and more.

Investors have taken notice of these features, driving up the popularity of Cardano in recent weeks, even as it holds a huge market cap. Today, the cryptocurrency has a market capitalization of over $13.3 billion, making it one of the largest cryptocurrencies by market cap.

Certain crypto analysts believe that the popularity and price of Cardano will only continue to grow as the platform develops new features and partnerships like the Valentine upgrade. With a growing ecosystem of developers and investors, Cardano is in motion to become a major player in the blockchain industry in years to come.

Read more: