Cardano is introducing an upgrade that could boost developer’s interest across the board.
This upgrade which features message signing is the latest play in Cardano’s evolutionary journey.
Cardano (ADA), a popular blockchain platform is preparing for a key development upgrade that could propel its developer experience by ten times. This upgrade, which focuses on scripts to sign on-chain Messages, has the potential to increase the network’s efficiency and usefulness in comparison to its main competitor, Ethereum (ETH).
Contrary to Ethereum, which uses a Merkle tree for data broadcasting, Cardano’s UTXO-based design allows for faster execution of scripts for signing messages. This improvement promises huge benefits for Cardano’s Layer 2 solutions (L2s) and Decentralized Applications (dApps), providing speed, efficiency, and security.
Cardano Set to Unlock New Opportunities with Upgrade
Notably, the Cardano standard for message signing was introduced in 2020 with CIP-7. Sebastien Guillemot, a top Cardano contributor and co-founder of PaimaStudios shared in a thread on X that Message signing in general is quite useful as it allows for establishing address ownership without on-chain transactions.
Specifically, he noted that Message signing helps in using Cardano’s L2 wallets from L1 accounts. In this instance, Cardano’s EVM layer, Milkomeda, Catalyst, and Mithril are among the beneficiaries of this update. This feature opens up a world of possibilities, allowing Milkomeda users to actively participate in governance processes, vote on proposals, and voice their views with ease.
Compared to previous methods, this upgrade may also make indexer usage easier, according to the developer. He highlighted that both Plutus datum and transaction metadata will address these issues. These messages could be anything, such as a string that says “I approve logging in to the website.”
Implication of Cardano’s L2 Ecosystem
According to Guillemot, the introduction of scripts capable of signing messages represents a key development in Cardano’s L2 ecosystem. Guillemot concluded that improved message signing capabilities in Cardano could make developing dApps and L2s that connect to Cardano considerably easier, cheaper, and safer.
As formerly reported by Crypto News Flash, Cardano has emerged as developers’ favorite. Recent activity in Cardano’s GitHub highlights a proactive attitude to development within the cryptocurrency ecosystem.
While the benefits of Cardano’s script Messaging are enormous, it’s important to acknowledge potential concerns raised by contributors within the community. Rick McCracken, another important participant in the Cardano community, has raised concerns about the ADA cryptocurrency’s role as the foundation of Cardano’s economy.
As of the time of writing, ADA is trading at $0.5877, reflecting a 4.45% decrease in the past 24 hours. Whilst its market capitalization has decreased by 4.4% to $20.9 billion, the trading volume has increased by 6% to $666 million.
Amidst this market downturn in ADA, Cardano’s founder, Charles Hoskinson outlines three key catalysts that could propel the cryptocurrency’s price. As Crypto News Flash earlier indicated, the first priority is to ensure that decentralized governance runs smoothly as intended. In this regard, Hoskinson stated that treasury activities, which are utilized to feed staking incentives, must be streamlined.
