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Cardano blockchain hits a new milestone in transactions count after surpassing 20M

Posted on by admin
24
Nov

Source: Aleksandra Sova – Shutterstock

  • During his recent AMA Charles Hoskinson spoke about proxy keys that will bring higher security and privacy to the Cardano blockchain.
  • He also asked investors to “chill out” a bit during the recent sell-offs and rather focus on the impact of the upcoming projects.

The Cardano blockchain network has been one of the most sought-after platforms for cryptocurrency enthusiasts. Hitting yet another milestone, Cardano has hit a new milestone with more than 20 million transactions since its launch.

The Cardano blockchain has maintained the reputation of delivering uninterrupted performance while others like Solana have been struggling. The Cardano blockchain has gone through major developments over the last few months. Back in September, Cardano underwent the Alonzo hardfork introducing smart contract functionality to the platform.

This has also helped Cardano to begin a fresh journey in the emerging markets of decentralized finance (DeFi) and non-fungible tokens (NFTs). Last month, Cardano founder Charles Hoskinson also spoke about the urgency of the Hydra upgrade to handle a large amount of traffic on the platform.

Read More: Cardano’s Charles Hoskinson talks about the Hydra upgrade and the necessity to tackle massive traffic demand

During his recent AMA session, the Cardano chief spoke about proxy keys, which will be the ultimate security and privacy upgrade to the Cardano blockchain.

The three keychains In Cardano’s security

During his recent AMA, the Cardano chief also spoke about the three keychains that would play a crucial role in Cardano’s security and privacy in near future. These three keychains include the pending key, voting key, and staking key. They will play a key role in building a secure partition between the hot and cold infrastructure on the Cardano blockchain.

Besides, the use of proxy keys in the Cardano infrastructure would help to separate crucial user information often targeted by hackers and scammers. Hoskinson said that he was among the first industry players to introduce the concept of sidechains for better security. He further added that the implementation of the same will happen sometime in 2022. Hoskinson added:

We were first the market to publish this model (side chains). That’s the power why this model is so scalable because you can just launch as many of these things as you want. It’s just the carrying capacity of the system.

It’ll have to come a little later down the roadmap. So second half of 2022, likely because there’s so much to do. But it’s definitely something that we’re looking for a protocol for that makes sense.

Hoskinson: Don’t panic over ADA) sell-offs

Cardano’s native cryptocurrency ADA has been under pressure recently amid the broader market selloff. Hoskinson asked people in a panic to “chill out” a little bit. He further stated that sell-offs have been a part relation to digital assets.

The founder also pointed out the performance of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) which have no utility. The rather asks investors to focus on the impact of the upcoming projects.

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