- A Twitter user identified as “thepizzaknight_” explains in a long thread that Cardano will add support for SECP256k1 as a built-in function on the network.
- According to him, Cardano currently uses Curve25519 while Bitcoin and Ethereum use SECP256k1.
Cardano has seen significant development over the years, however, the price of ADA has not met this with the same level of enthusiasm. Regardless, the network has become stronger and better than it used to be. The latest talk in town centers around Cardano’s upcoming Chain Upgrade Event (CUE). This is expected to introduce interesting features for better interoperability with other networks including Bitcoin, Ethereum, and Midnight(ZK-powered sidechain).
Chain Upgrade Event explained
A Twitter user identified as “thepizzaknight_” explains in a long thread that Cardano will add support for SECP256k1 as a built-in function on the network. According to him, Cardano currently uses Curve25519 while Bitcoin and Ethereum use SECP256k1.
For the purposes of this thread, regard Crypto Primitives as real-world language families, let’s use the Indo-European language family.
Cardano uses Curve25519, think Germanic(English, Deutsche, etc)
Ethereum, Bitcoin, etc. use SECP256k1, think Romance(French, Spanish, etc).
In his explanation of this, the Twitter user mentioned how difficult it is to do business with a Spanish speaker as an English speaker. They would certainly need a translator for successful business execution. According to him, this analogy perfectly depicts the situation on Cardano with respect to dApp(and Bridge) builders trying to go cross-chain. This may likely be solved in the upcoming CUE with the support for SECP256k1.
What does this mean for you as a user or a builder?
New cross-chain opportunities with better bridges and access to new tokens and dApps from other chains.
With the Sidechain strategy, Cardano needs this improvement for its Interoperability vision to be feasible and real.
With respect to the upgrade, it is expected that SPOs upgrade their Cardano nodes to version 1.35.4. Users are also advised to partake in the survey from IO to decide on the date CUE should occur. He also mentioned that the upcoming upgrade could help the introduction of Midnight protocol(ZK sidechain), EVM sidechain from IOG, Wanchain integration, and “Wrapped” Smart Contracts on the network.
One upgrade at a time and soon #Cardano will be the Internet of blockchains. Exciting stuff ahead.
Welp, that’s all from me today. See you in 2023. 😎$ADA pic.twitter.com/Gple3mW2xo
— Emmanuel 𓂀 🍕 𓅓🇬🇭🦄🟣⚡️ (@thepizzaknight_) January 1, 2023
Cardano could enforce more changes in 2023
2022 was a busy year for the Cardano team, especially with regard to the much-anticipated Vasil upgrade. This was needed to scale the network and reduce transaction costs. After multiple delays, the Vasil finally met its criteria of “the successful completion [and]extensive testing of all core components, plus confirmed community readiness.”
In February 2022, Cardano partnered with Veritree to plant about one million trees. The partnership was meant for any ADA holder to send coins through the Cardano network to improve the environment. Users were said to have the chance to donate 1 million coins and be given a certificate of tree planting.
The network is currently performing at the rate of 250 transactions per second (TPS), which is less than several other publicly known blockchains. It is reported that developers are exploring possibilities to increase the speed.
According to Frederic Gregaard, the Chief Executive Officer of the Cardano foundation, they have plans to ensure that the project hits new heights this year with several changes in the future.