DeFi
Cardano to integrate CIP-69 in next upgrade to streamline dApp development
Founder Charles Hoskinson said community feedback was taken into account in the decision.
Charles Hoskinson, the founder of the Cardano blockchain, confirmed that CIP-69 will be included in the network’s next Chang hard fork.
Hoskinson said“I’ve seen the requests come in for CIP-69…there seems to be a lot of demand in the community, and the CF has also been pushing for CIP-69 to be included in Chang.”
Developers of decentralized applications (dApps) on Cardano struggle with a mutual dependency problem, in which two validators – who confirm transactions – must recognize each other to function, significantly limiting the design and security of DeFi protocols.
“One of the issues is that two validators need to know each other’s hash. This poses a significant hurdle and limits our design space,” the Cardano developers forum. bed “Tokens are typically designed to be able to be issued at any time, leading to additional controls on the front end and greater fragility of systems.”
The proposed CIP-69 aims to strengthen the security and trust of developers building on Cardano. This change would allow more versatile use of a single validator script, allowing it to fulfill multiple roles, including minting and spending tokens, without the complications resulting from current design constraints.
Cardano has scheduled its next major upgrade for June 30, although Hoskinson acknowledged that the introduction of CIP-69 would likely delay the Chang hard fork.
Trading volumes for Cardano’s native cryptocurrency ADA have soared more than 90% in the past 24 hours, with $500 million worth of ADA changing hands, according to data from CoinGecko.
Despite the torrid volume, however, ADA is down 2.2% on the day amid a widespread market liquidation.
This upgrade will usher in the so-called “Voltaire” era of governance, which aims to give more power to the Cardano community in terms of overseeing project development and managing funds.
“With the introduction of a voting and treasury system, network participants will be able to use their stakes and voting rights to influence the future development of the network,” Cardano roadmap States.