Categories: COVID-19News

Cardano Ledger App now has a Smart Contract feature

Published by
Nonhlanhla P Dube

‘Ledger,’ a well-known crypto hardware wallet provider, has announced that version 4.0.0 of the Cardano (ADA) app is now available and accessible on Ledger live. This advancement introduces the ADA ecosystem’s smart contract functionality, which is one of its new features.

This means that users will be able to use and interact with smart contracts right away within the Cardano app. The Alonzo hard fork combinator introduced smart contract functionality to the Cardano network for the first time last year.

The main issue at the time was that compatibility had been lacking from the ADA app for more than a half year. The upgrade was announced on Ledger’s Twitter account recently. According to the tweet, the app will give users access to the ever-expanding Cardano’s DeFi ecosystem via ‘YoROI’ and ‘AdaLite.’

It also stated that with the upgrade, users will be able to sign smart contracts directly on the Cardano app itself.

Charles Hoskinson, the founder of Cardano, applauds Ledger for the new development. He praised Ledger’s performance on Twitter describing it as an”excellent effort.” As previously stated, the Cardano, Alonzo network update in September 2021 was the first to include smart contract functionality.

Smart Contracts are created and deployed with code that is designed to self-execute when predefined conditions are met on the ADA mainnet.

Cardano Ledger Wallets can now be updated by users

Users can now update the firmware on their Ledger wallets and install the Ledger Live App on their smartphones after which they can update the Ledger ADA app to the most recent version. Following a successful software upgrade, users can access ADA’s DeFi ecosystem by using YoROI and AdaLite.

ADA and its smart contract platform, Plutus, are expecting a significant gain from the planned Vassil hard fork upgrade in June. According to Hoskinson, the June hard fork combinator will provide “huge performance enhancements for Cardano” as well as improved and upgraded smart contract capabilities.

The Vassil hard fork is set to take place on June 29th, 2022. Once implemented, this upgrade is expected to provide a significantly improved user experience for both Cardano users and developers.

With the most recent network updates, IOHK developers have been able to increase the block size by 10%. This new development adds approximately 8 kilobytes to the current block size of 80 kilobytes.

This upgrade, along with the other planned updates, is part of the ADA network improvements that were planned and were due this year. ADA is currently home to nearly 900 projects that are active on the network. Previously, there were fewer than 900 projects, and the number of projects has increased by roughly 77 percent since March when IOHK vice president Tim Harrison announced an influx of 500 new projects.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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