Wednesday, November 30, 2022
HomeCrypto NewsMarketCardano Development Team Proposes CIP-35 To Enhance Smart Contract Speed 

Cardano Development Team Proposes CIP-35 To Enhance Smart Contract Speed 

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Cardano is slowly but surely developing on a daily basis.

The Cardano network has come a long way in its quest to become a favorite choice for decentralized finance (DeFi) developers and the development team behind the project does not seem to be slowing down in releasing significant upgrades. 

In recent times, the Cardano Improvement Proposal (CIP) team has continued to share useful ideas that will foster the growth of the network in order to see it rival Ethereum and other decentralized networks like Solana and Polygon. 

The CIP-35 Proposal 

Earlier this week, Tim Harrison, director of IOHK Communications, disclosed that the core developers’ team has made a new proposal dubbed CIP-35 for the Plutus smart contract platform. 

The proposed upgrade will usher in the improvement of Plutus core and interface pages. 

According to the CIP-35 proposal, a clearer structure will enable smart contract developers building on Cardano to change and upgrade their codes in time. 

With CIP-35, shortcuts will be added to the system to enable developers to make changes and upgrades to their codes by taking shorter routes. 

Furthermore, the CIP-35 proposal will also bolster speed for new updates in the Plutus smart contract, which could further enhance transaction processing time for all protocols connected to the network. 

Cardano Criticized for Slowly Launching Upgrades

Cardano has come under heavy scrutiny from crypto enthusiasts because of its slow approach in launching significant upgrades for the network, especially its smart contract functionality. 

In response to these criticisms, the IOHK team stated in November 2021 that it only releases updates after carefully evaluating their impact on its system, as it is not prepared to jeopardize the Cardano network’s long-term security. 

Cardano Grows Amid Criticism 

Despite these criticisms, the project’s team believes it is doing a good job in releasing key upgrades for the network, which would help it remain competitive in the long run. 

So far, Cardano has continued to gain traction amid the constant criticism, with lots of increased user activity reported. 

With decentralized exchanges like SundaeSwap launched on Cardano, the number of transactions carried out on the network has surpassed 30 million, while the total value locked (TVL) has also exceeded $99 million

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Albert Brown
Albert Brown
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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