Cardano ($ADA) Surpasses 20 Million Transactions, Hoskinson Announces Proxy Keys

By Prashant Jha
Published November 23, 2021 Updated November 23, 2021
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Cardano ($ADA) Surpasses 20 Million Transactions, Hoskinson Announces Proxy Keys

By Prashant Jha
Published November 23, 2021 Updated November 23, 2021

Cardano (ADA) achieved another milestone earlier today as it surpassed the 20 million transaction count without a single day of downtime. At a time when major blockchain networks have been down on various occasions, the most recent example being Solana which went offline for nearly 24-hours, Cardano managed the rare feat despite being mocked for slow implementation of upgrades. Cardano has been up for 1522 days with instant transactions and minimal transaction costs.

Charles Hoskinson, the co-founder of Cardano has made it clear in the past that they are in no hurry to implement upgrades at the cost of security and privacy. The much-awaited smart contracts feature was integrated recently in September with the Alonzo upgrade that pushed Cardano into the era of Defi and NFTs. Hoskinson who often interacts with the community through his AMA session talked about the proxy keys, the ultimate security and privacy upgrade that could come to the Cardano network in the coming year.

Hoskinson talked about three keychains that could play a key part in Cardano’s security and privacy in the near future. The three keychains namely pending key, voting key, and staking key would keep a secure partition between the cold and hot infrastructure on the blockchain. The use of proxy keys in the infrastructure would separate some of the crucial user info that is often targetted by hackers and scammers.

Hoskinson said he was among the first in the industry to bring the concept of sidechains to ensure better security, however, the implementation of the same could come a little later in 2022.

“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.”

“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.”

$ADA price hit a new all-time high of $3.10 in the run-up to the Alonzo hardfork but failed to pick up after the upgrade. $ADA is currently trading at $1.81 with a 1% climb over the last 24-hours with $2.0 being the crucial resistance at the moment.

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Source: TradingView
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1187 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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