The company that created the Cardano blockchain, Input Output Global (IOG), just announced that the newest ‘Valentine’ Upgrade is now active on the Cardano Mainnet.
The “Valentine” update will increase the network’s cross-chain capacity, which will benefit apps for decentralized finance (DeFi) that are currently being developed.
Input Output Global said that the update will support the Plutus SECP cryptographic primitive in their announcement. IOG made it clear that the native support for SECP encourages cross-chain interoperability while keeping the greatest degree of security.
Interoperability is essential to the development of blockchain technology. “It is crucial that as more decentralized applications (DApps) are produced on Cardano, they are not isolated to just one ecosystem. This will let consumers to engage with other blockchains and access a greater variety of services,” IOG added.
On February 8, 2023, a proposal for the update was made, and it went into effect on testnet on February 11, 2023 at 0:00 UTC. The update was first evaluated in a virtual testing environment that replicated real-world performance before it was finally put on the mainnet.
It is anticipated that the update would improve Cardano’s cryptographic capabilities while also making it easier to create cross-chain decentralized applications (dapps) on Plutus, which is the smart contract platform used by the Cardano blockchain.
Cardano Price (ADA) price was influenced favorably after the Valentine Updrade, and it is presently trading at a price of $0.3936, which is an increase of 8.50% in the last twenty-four hours.
Compiled by Coinbold
