The success of Bitcoin as the leading and most valuable cryptocurrency continues to be prominent in the Blockchain space. Early in the year, mainly January, several reports discussed Bitcoin’s stagnancy despite its inspired rally late last year, as several altcoins had to take the Baton temporarily from the cryptocurrency. The cryptocurrency is now back to its brilliant best.
However, that circumstance has not changed the growth of many altcoins like Ada. Hence, Ada’s inspired growth is now forcing Cardano, its parent network, to consider major updates, despite its recent updates, to improve the overall network performance.
ADA has already gained by more than 450% this year
The year has been touted by many analysts as the year of the Altcoins, with many believing that several altcoins will move the mountains this year and shift all the focus away from Bitcoin. The recent success of ADA amongst many altcoins this year is at a stage where it cannot be overlooked. The Cardano token had already gained more than 450% in price this year despite starting the year on a high of $0.18. The token’s growth has also been credited to the continuous improvements of Cardano, which is now leaving a positive effect on ADA.
Earlier in the month, IOHK, the networks’ development outfit, conducted a Mary Upgrade on its Testnet to improve the performance of the network like that of Ethereum. The new Mary Upgrade, expected to fully be utilized and launched by the end of the month, is supposed to empower the network with abilities similar to Ethereum.
Another advantage of the upgrade will be to bolster that the network’s native token ERC-20 fungible and ERC-721 nonfungible tokens like the ones on Ethereum. The similarities between the new token design with Ethereum does not stop there, as Cardano users can now create their fungible and nonfungible tokens.
Cardano’s new upgrade will come at no extra fee for users
In a report earlier this month, Ethereum users on the smart contract were reportedly switching allegiance to TRON due to high gas fees resulting from the overcrowded network. However, in the words of Hinrich Pfeifer, Cardano’s General secretary, the Executive discussed that Cardano’s new upgrade would no extra gas fees for users. The network was inducing technology into its systems to eradicate high gas fees for user interaction on smart contracts.
The Executive affirmed that there would not be execution fee requirements for native token transactions since they do not require a smart contract on the network. The Executive also spent his time discussing crypto frauds and scams, a menace in the space.
He sighted that the network’s aim for reducing such vices had propelled them into deciding that there would not be a need for smart contracts to forge tokens, which could lead to the fraudsters exploiting the users. The overall aim of Cardano, as explained by the Executive, is to push ADA up there with the likes of Bitcoin, Ethereum, and co.