The technology company responsible for building Cardano (ADA) is upgrading the network as it pushes for the next phase of the blockchain’s development.
In a new blog post, Input Output Hong Kong (IOHK) says that Cardano is seeing a significant increase in users and transactions after it deployed smart contract capability for the network with the rollout of the Alonzo upgrade in September.
“Recent hard forks (adding native tokens and smart contract capability) have brought many new users into the Cardano ecosystem, and we have seen rapid growth (and spikes) in transaction volumes and network traffic.”
IOHK says that the number of transactions has risen over 20x in a span of one year from less than 10,000 per day in November 2020 to over 200,000 transactions per day.
To accommodate the substantial growth in traffic, the company says it is increasing Cardano’s block size by 12.5% from 8 kilobytes to 72 kilobytes
“Larger block sizes mean that more transactions can fit into a block, thus providing greater capacity for users. Being able to fit 12.5% more transactions into a block is significant, as it means that we’re processing more transactions per second or we argue – a more useful metric – greater data throughput.”
IOHK also says that it is now moving forward into the next era of the Cardano roadmap – the Basho phase, which aims to optimize and improve the scalability and interoperability of the network.
“With a secure, highly decentralized proof of stake network now firmly established, and core smart contract capability deployed, we’re now heading into the Basho phase, focused on optimization, scaling and network growth.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/dani3315
