Cardano Improvement Proposal (CIP) will Bring Major Improvements to the Cardano Network
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Cardano blockchain is the brainchild of one of the former co-founders of the Ethereum network. The project has managed to be fair among the top 10 cryptocurrencies and it is known for continuous progress.
The latest addition to the Cardano blockchain is a new CIP protocol. According to the media resources, the new CIP-30 protocol can introduce new utility to the blockchain.
The developer of the protocol Adam Dean has taken to Twitter to post about the updates on this protocol. CIP or the Cardano Improvement Protocol number 30 will modify the blockchain for compact transactions.
Compact transactions can be processed in larger quantities in smaller time durations. The transaction size of compact transactions is lower in comparison.
Cardano blockchain developers have hinted that with the latest update, it would be possible for web developers to integrate Cardano hot wallets. In this manner, the new update will also narrow the distance between the crypto custodial services and decentralized applications.
As per the tweet shared by Dean, the users of the WooCommerce platform will be able to accept ADA payments using CIP-30 compatible wallets.
On the other hand, Cardano founder Hoskinson has shared a new article to reflect on the increasing utility of ADA. He talked about an IOG investing in a new medical center, where patients will be able to access healthcare services using ADA.
According to ADA stakeholders, the realization of both these services will bolster the prices of ADA.
Cardano’s Development Activity has Increased
In light of a new report compiled by crypto aggregator Santiment, the developer activity surrounding the Cardano blockchain has increased considerably. The metric used to measure the activity has reported 79.76 basis points increased in the last 30 days.
The statistics from GitHub have also indicated earlier that Cardano commits are number one among all the blockchain development projects.
On the other hand, Santiment has also reported Daily Active Address citing a positive increase in ADA utility. As per the DAA metric, ADA levels are lower than in November 2022 but have remained comparatively higher since the beginning of the New Year.
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