Charles Hoskinson Unravels Proxy Keys as Cardano (ADA) Passes 20M Transactions

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Cardano (ADA) made major strides today, surpassing the 20 million transaction mark without experiencing any interruption.

Cardano (ADA) pulled off the remarkable achievement despite being derided for its delayed implementation of improvements at a time when large blockchain networks have been offline on multiple instances, Solana (SOL) being the most recent to have experienced an almost 24-hour outage. Offering quick transactions at low transaction fees, Cardano (ADA) has been operational for a whole 1522 days.

Cardano co-founder Charles Hoskinson has previously confirmed that they will not compromise the security and privacy of the network just to introduce the latest enhancements and upgrades. Cardano made its official debut into DeFi and NFTs with the launch of the Alonzo hardfork back in September, which included the launch of the Cardano smart contracts. Hoskinson uses AMA sessions to engage with the Cardano community. In one of these sessions, the Cardano co-founder revealed that next year Cardano may launch proxy keys in the network, which would mean a definitive security and privacy upgrade.

On the topic of Cardano’s future upgrades on security and privacy, Charles Hoskinson discussed three critical keychains, namely, pending key, voting key, and staking key, which will be utilized to maintain a secure barrier between the blockchain’s cold and hot infrastructure. The inclusion of proxy keys in the network would help to protect some of the most sensitive user information from scamming and hacker attacks.

Hoskinson claims to have been one of the pioneers of the cryptocurrency industry to propose the use of sidechains to improve security; nevertheless, it is likely that 2022 will be the year of their launch. 

Hoskinson argued that “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.” As far as the launch date, he additionally said that “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.”

During the time leading up to the Alonzo hardfork upgrade, the price of Cardano (ADA) achieved a new all-time high (ATH) of $3.10, but its price has not recovered since. At the time of writing, Cardano (ADA) is trading at $1.81, up 1 percentage point in these 24 hours, with $2.0 acting as a key resistance level.

Also read: UK’s FCA to Accelerate Crackdown by Hiring BTC Experts

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