- Cardano is in the works to emerge as a more scalable network in spite of the low load currently.
- The Cardano network would be presenting a reduced smart contract transaction size after developers utilize CIP 31-33 proposals that would go live on the Vasil Hard Fork, a tweet highlights.
- Cardano (ADA) is currently trading at $0.5593 and is down by around 4% in the last twenty-four hours.
Cardano Blockchain Insights Twitter account highlights that the Cardano network would soon be presenting a reduced smart contract transaction size following developers using CIP 31-33 proposals that would go live on the Vasil Hard Fork.
The ones who know what Ethereum Improvement Proposals (EIPs) are, also might be familiar with Cardano Improvement Proposals (CIPs).
CIPs are basically the formal communication processes that take place off-chain and are designed to enable information to the Cardano community. CIPs are not necessarily presented as commitments to existing projects on the Cardano blockchain but act more like a bunch of solutions kept for the common issues that the community highlights.
Cardano Improvement Proposals (CIPs), .which are expected to reduce the size of a transaction on the network, are the proposals 31-33, which are Reference Scripts, Reference Inputs, and Inline Datums.
The proposed solutions are modeled mostly for disclosing data on the blockchain without spending and recreating UTXOs through new inputs.
Although Cardano has not yet witnessed any scaling and network congestion problems, even during a surge in the number of transactions with the DeFi solutions flourishing on the network, developers are working on solutions that should make the blockchain ready for the heavy load it comes as a precautionary step.
At the time of writing, Cardano (ADA) is trading at $0.5593 with a market cap of $18,872,989,754. It is down by around 4% in the last twenty-four hours. It stands among the top ten crypto assets by market cap.
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Source: https://www.thecoinrepublic.com/2022/05/18/cardanos-smart-contracts-plans-on-reducing-transaction-size-on-vasil-hard-forks-new-update/