Cardano is gearing up to become a more scalable network despite relatively low load
According to Cardano Insights Twitter accountThe Cardano network will soon introduce lower smart contract transaction sizes as developers use CIP 31-33 proposals that will go live on the Vasil hard fork.
Cryptocurrency enthusiasts should already be familiar with a mechanism similar to the Cardano improvement proposal, which was presented on the Ethereum network and called the “Ethereum Improvement Proposal”.
CIPs are formal, technical communication processes that occur off-chain and are designed to provide information to the Cardano community. The CIP is not presented as a commitment to existing projects on the Cardano blockchain and acts like a plethora of solutions to commonly mentioned issues within the ecosystem.
Average transaction size (bytes) at the epoch level
This should reduce the transaction size for smart contract transactions as developers start using CIP-31/CIP-33 (https://t.co/HCh9Nr3pIj).
CIP-31:33 is planned as part of Vasil HFC (June 29)https://t.co/9CSLHvjTvd pic.twitter.com/g6MkgE7ZaD
— Cardano Blockchain Insights (@InsightsCardano) 18 May 2022
CIP is expected to reduce the transaction size on the network, Proposition 31-33, which are: context input, inline data and context script. All the proposed solutions are mostly designed to reveal the data on the blockchain without the expense and to recreate the UTXOs through new inputs.
While Cardano hasn’t faced any problems with scaling and network congestion so far with the rise in the number of transactions with DeFi solutions flourishing on the network, developers are already working on such solutions. are what should prepare the blockchain for the heavy load. Comes.
Despite an active development process in the background, ADA has failed to break out of the profitability death spiral as it remains one of the worst-performing assets on the cryptocurrency market over a long period of time.
At press time, ADA is trading at $0.5 and is losing 40% of its value since the beginning of the month following the general crypto market performance.