TL;DR Breakdown:
- IOHK has proposed to raise Cardano block size and memory by 11%.
- The reason is to improve the network capacity to accommodate more transactions.
- The blockchain load on the network had spiked over 90% amid project launch and users on the network.
Last week, Cardano almost reached its processing limit, following an increase in usage and project developments in the blockchain. The blockchain load spiked to about 93% seven days ago, which spurred concerns amongst the users regarding possible congestion of the network.
IOHK to raise Cardano block size and memory
To prevent this, the development company behind Cardano, Input-Output (IOHK), has proposed to increase the network’s block size by 11%. When implemented, Cardano capacity will increase from the current 72KB to 80KB – an additional block size of 8KB. IOHK also proposed to raise Cardano’s “plutus script memory by units per transaction” from 12.5M to 14M.
IOHK said the update proposals would be deployed at the boundary of epoch 319 on Friday. Together, these updates will improve and optimize the Cardano blockchain, raising its capacity to accommodate more transactions and improve DApp user experience.
The proposed updates can only prevent network congestion in the meantime. There could be a significant increase in the blockchain load with more projects launched, and also “around highly-anticipated new DApp launches, and large NFT drops.” Thus, Cardano will continue to undergo a series of enhancements, per IOHK.
Later this year, the company will release the roadmap for the ‘Basho’ scaling phase of the Ethereum killer, a major update that will improve the network’s overall capacity.
ADA update
ADA is beginning to rebound alongside other cryptocurrencies. At publication time, ADA was trading at $1.07 (1.58% increase in 24hrs) with a market capitalization of $35.9 billion. The price is also up by 3.3% for the last seven days.
Recently data showed that investors, including whales, have been accumulating ADA since the market crash in mid-January. Within 10 days, the supply held by addresses holding between 10,000 to 1,000,000 ADA increased by 113%, Cryptopolitan reported.
Source: https://www.cryptopolitan.com/iohk-increase-cardanos-block-size/