Cardano to Incorporate CIP-69 in Next Upgrade to Streamline dApp Development – Crypto News – Crypto News
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Cardano to Incorporate CIP-69 in Next Upgrade to Streamline dApp Development Cardano to Incorporate CIP-69 in Next Upgrade to Streamline dApp Development

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Cardano to Incorporate CIP-69 in Next Upgrade to Streamline dApp Development – Crypto News

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1 year ago

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Founder Charles Hoskinson said that community feedback factored into the decision.

Charles Hoskinson, the founder of the Cardano blockchain, has confirmed that CIP-69 will be included in the network’s upcoming Chang hard fork.

Hoskinson said, “I saw the requests coming in for CIP-69.. there seems to be a lot of community demand for it, and the CF also has been pushing for CIP-69 to be included in Chang.”

Developers of decentralized applications (dApps) on Cardano have been struggling with a mutual dependency issue, in which two validators – which confirm transactions – need to recognize each other to function, severely limiting the design and safety of DeFi protocols.

“One issue is two validators that need to know each other’s hash. This is a substantial barrier and limits our design space,” the Cardano developers’ forum reads “Tokens are usually made to be able to be minted at any time, leading to further checks on the frontend and more fragility in the systems.”

The proposed CIP-69 seeks to enhance security and confidence for developers building on Cardano. This change would permit a more versatile use of a single validator script, allowing it to serve multiple roles, including minting and spending of tokens, without the complications arising from current design constraints.

Cardano has scheduled its next major upgrade for June 30, although Hoskinson acknowledged that introducing CIP-69 will likely delay the Chang hard fork.

According to CoinGecko data, trading volumes for Cardano’s native cryptocurrency, ADA, soared over 90% in the last 24 hours, with $500 million of ADA changing hands.

Despite the torrid volume, however, ADA is down 2.2%% on the day amid a broad market selloff.

ADA Price

The upgrade will usher in the so-called ‘Voltaire’ governance era, which aims to place more power in the hands of the Cardano community in terms of overseeing project developments and managing funds.

“With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network,” the Cardano roadmap states.

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