Blockchain technology company standing behind the development of Cardano, IOHK announced that the team proposed a new parameter update to expand network capacity.
Related: Cardano Grows, the Protocol’s Founder Shares 2022 Roadmap
The new proposal suggests Cardano’s increasing block size by 8KB, making it 80KB from the current 72KB.IOHK wrote in a Twitter thread that along with an 11% block size increase the proposal includes boosting Plutus script memory from 12.5 M to 14 M per transaction. The adjustments are supposed to take effect on February 4. IOHK says that they are a part of the plan to scale and optimize the network and enhance the dapp user experience.
Along with the growing demand, Cardano will keep updating the protocol regularly.
The network is in its scaling stage of the roadmap, named Basho. It aims to support the growth of Cardano-based dapps delivering security and high speed. IOHK also introduced a consensus layer scaling solution, pipelining, which will accelerate block propagation.
Smart contracts went live on Cardano in September 2021, According to data from analytics platform DeFi Llama, the total amount locked in the Cardano network stands at above $72 million. Cardano’s native token ADA currently trades at around $1.07. It is the 6th largest crypto with a market cap of over $35.8 million.