• Cardano’s upcoming hard-fork event on February 14, 2023, will include new built-in functions to Plutus, the smart contract programming language for the Cardano blockchain.
• This upgrade will bring support to ECDSA and Schnorr cryptographic signatures, making it easier for developers to build cross-chain apps.
• The upgrade will enable greater interoperability and secure cross-chain DApp development, which may cause a bullish reaction in the ADA price.
Cardano is set to undergo a major upgrade on February 14, 2023. The upgrade, known as a hard-fork, will bring several new features to the Cardano blockchain, most notably, the ability of the Plutus smart contract programming language to support ECDSA and Schnorr cryptographic signatures.
ECDSA and Schnorr are two of the most widely used cryptographic signature techniques in the blockchain and cryptocurrency world. Bitcoin and Ethereum both employ these signature techniques, but Cardano utilizes the Edwards-curve Digital Signature Algorithm (EdDSA). This signature is incompatible with ECDSA and Schnorr signatures, making it difficult for developers to collaborate with other blockchains.
The new Cardano upgrade will make it possible for developers to easily build cross-chain apps and ensure the highest level of security. The new built-in features of Plutus will support ECDSA and Schnorr signatures, allowing developers to easily verify the cryptographic signatures of other blockchains. This enhanced interoperability will enable secure cross-chain DApp development and make it easier for developers to work with other blockchains.
The hard-fork event is likely to cause a bullish reaction in the ADA price, as it will provide Cardano with a competitive edge over other blockchains. Furthermore, the ability to develop secure cross-chain applications will open up new opportunities for developers and businesses to take advantage of the Cardano blockchain. This could lead to increased adoption and usage of the Cardano blockchain, which may result in a higher ADA price.
Overall, the hard-fork event is an exciting development for Cardano, and could potentially have a positive effect on the ADA price. With the new built-in features to Plutus, Cardano will be able to increase its interoperability with Bitcoin, Ethereum, and other blockchains, as well as provide developers with the ability to easily create secure cross-chain applications.