Cardano’s (ADA) Transactions Exceeds 20 million, As Hoskinson Announces proxy keys

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Cardano's (ADA) Transactions Exceeds 20 million, As Hoskinson Announces proxy keys
Cardano's (ADA) Transactions Exceeds 20 million, As Hoskinson Announces proxy keys

Despite the bearishness of the crypto market, transactions in the Cardano blockchain have continued to grow exponentially taking out the FUD investors have on the cryptocurrency.

Cardano’s (ADA) Transactions Volume Exceeds 20 million

According to a tweet on November 22, Cardano (ADA) reached another milestone, surpassing 20 million transactions with no one-day downtime. When the main blockchain network went down under various circumstances, the most recent example was Solana being offline for almost 24 hours and Cardano, despite being ridiculed for the slow implementation of the upgrade, achieved this rare feat. Cardano has been running for 1522 days with instant transactions and minimal transaction costs.

Cardano co-founder Charles Hoskinson has made it clear in the past that there is no rush to implement upgrades at the expense of security and privacy. The long-awaited smart contract feature was recently updated and incorporated into Alonzo in September, leading Cardano into the Defi and NFT era. Hoskinson, who often interacts with the community through AMA meetings, spoke about the proxy key, which is the ultimate security and privacy upgrade the Cardano network could achieve in the coming year.

Hoskinson’s Three Keychains to Tackle Security and Privacy

Hoskinson spoke about three keychains that could play a key role in Cardano’s security and privacy in the near future. The three keyrings Pending Key, Voting Key and Staking Key ensure a secure partition between the hot and cold infrastructure on the blockchain. The use of proxy keys in the infrastructure separates some important user information that is often the target of hackers and fraudsters.

Hoskinson said he was one of the first in the industry to introduce the concept of sidechains for better security, but the same implementation could come later in 2022.

Before Alonzo’s hard fork, ADA’s price hit an all-time high of $3.10 but did not recover after the upgrade. ADA is currently trading at $1.81, which is up 1% in the past 24 hours, and $2.0 is a major resistance level right now.