Cardano Drafts New Proposal to Accelerate the Update of Smart Contracts Platform

Cardano (ADA) is developing a proposal to expedite platform updates for smart contracts.

Cardano (ADA) appears to be making headway on a proposal to fast-track upgrades to its smart contract platform, Plutus, according to a recent Twitter post published by Tim Harrison, the Communications Director of IOHK.

The “CIP-35” provides a simplified and faster approach for submitting CIP recommendations to alter Plutus Core or its ledger interface. The proposal’s goal is to create a more specified and well-defined framework for Plutus upgrades and the main libraries on which the platform is dependent. It seeks to reduce the amount of red tape this adds, resulting in a less time-consuming and complicated operation.

Plutus is the Cardano (ADA) network smart contract platform, which enables scripting programs to work seamlessly with the blockchain of Cardano (ADA).

Cardano (ADA) is known for doing things slowly and steadily, which has earned it a lot of flak previously. Reacting to this particular viewpoint, Charles Hoskinson, the founder of Cardano (ADA) has consistently emphasized that the company’s “slow and steady” growth style has shown to be far superior down the line.

In November 2021, IOHK divulged information on the alterations made to the network for the future growth of Cardano (ADA), stating “every change will be carefully considered and once actioned, subsequently monitored to gauge its impact on performance.”

IOHK is persistent in protecting the security of Cardano (ADA) and as such is not making adjustments to risk it. The actions of affecting security long-term are averted even if there are increases in network traffic in the short-term. 

Investors looking for quick returns, on the other hand, may not accept its meticulous strategy. Despite the launch of a smart contract, the price of Cardano (ADA) has dropped dramatically from its all-time high of $3.10 recorded in September of last year. At present, Cardano (ADA) is changing hands at $1.20, having increased by 1.05% in a 24 hour period.