• The upcoming upgrade to Cardano will bring secure cross-chain DApps development and greater interoperability to the blockchain.
• The Cardano developers have done successful integration testing already with the mainnet upgrade to happen by February 14, 2023.

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In the next month of February 2022, the Cardano blockchain network is scheduled for a major upgrade that will incorporate some built-in functions to Cardano’s smart contracts programming language Plutus.

These new built-in functions at Plutus will also support ECDSA and Schnorr cryptographic signatures thereby making it easier for developers to build cross-chain applications. Different blockchain platforms implement different cryptographic signature methods.

Blockchain networks like Bitcoin and Ethereum use the ECDSA cryptographic systems. On the other hand, Schnorr signatures, which serve as an alternative to ECDSA are used by blockchain networks such as Polkadot.

However, the Cardano blockchain uses the Edwards-curve Digital Signature Algorithm (EdDSA) with elliptic curve Curve25519 as its base curve (Ed25519). Although it is fast, secure, and small in size, it is not compatible with ECDSA and Schnorr.

The upcoming upgrade to Cardano will bring secure cross-chain DApps development and greater interoperability to the blockchain. This, in turn, will make it easy for Cardano developers to work with other blockchain networks.

If not for this upgrade, Cardano developers might need to spend extra time, funds, and effort in implementing the ECDSA and Schnorr over the SECP elliptic curves in the smart contracts programming language Plutus. However, it would increase potential security risks while using an unrealistic amount of reserves.

Thus it was essential to provide ECDSA and Schnorr operations as built-in functions within Cardano’s primary signature algorithm Ed25519.

Getting Ready for the Upgrade

The initial preparations for the upgrade are already underway for some time within the Cardano ecosystem and developers have seen some positive results already with the integration testing. In the latest announcement, Tim Harrison of  IOHK writes:

Preparations have been underway for some time across the entire Cardano ecosystem. The core engineering teams at IOG and the Cardano Foundation, SPOs, DApp developers, and exchanges have performed intensive integration testing in the preview test environment since November 2022, with positive results. This technology is now close to being deployed on the Cardano mainnet.

The upcoming upgrade won’t be as complex as the Vasil upgrade that took place last year in September 2022, and won’t be having any major impact on existing DApps. However, by working with the Cardano stakeholders, the teams are ensuring the readiness that may need to prepare for the new capability.

Exchanges have been notified of the upgrade already so that they have enough time to upgrade their systems as per the requirements. The announcement adds:

IOG has also polled the DApp/tool development community – very few projects will be impacted by the change and we have factored in the needs of those that do need to update their code accordingly.

The proposed mainnet upgrade shall tentatively happen around February 14, 2023.

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A petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list the meme-inspired cryptocurrency Shiba Inu ($SHIB) on its platform has seen over 500,000 people sign it in a bid to support the cryptocurrency.

The petition, titled “Kindly request of Robinhood to list Shiba Inu coin,” has at the time of writing over 518,000 signatures and is looking to get to one million. In mid-October, the petition had around 240,000 signatures.

It mentions that Robinhood has listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. As CryptoGlobe reported, Robinhood listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.

Shiba Inu’s price is up over 600% over the last 30 days, but has started stalling recently, moving up less than 1% over the last five days.

According to CoinDesk, the number of addresses that acquired SHIB within 20% of its all-time high climbed six-fold to 116,560 in the last few weeks, indicating a rush to buy the cryptocurrency near its high. Per its report, the data shows a sign of fear of missing out (FOMO) among traders.

In its weekly newsletter, blockchain data firm IntoTheBlock noted that the “last time this pattern emerged in Shiba Inu in May, SHIB dropped by 90%.” While previous price performance does not guarantee future actions, the figure shows there’s an ongoing speculative frenzy when it comes to Shiba Inu’s price.

As reported, the number of Ethereum wallets holding the meme-inspired cryptocurrency Shiba Inu ($SHIB) has surpassed 900,000 roughly a week after hitting the 800,000 mark, meaning that while $SHIB’s price has been waning, the number of wallets holding it has been growing steadily.

It’s worth noting the 900,000 figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.

Digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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One of the top gainers today is SHIBA INU, this sharp rebound comes amid FUD regarding a whale’s coins being recently moved and certain exchanges delaying $SHIB listings.

After Shiba Inu’s meteoric rise in October when $SHIB’s price rose over 400%, news broke out that a wallet with $8b worth of Shiba tokens moved over $3b in coins.

As investors rushed to sell in fear of the whale unloading his token onto an exchange, Shiba Inu’s sentiment instantly changed and the market dropped over 50%. However, today we are seeing a significant rebound as the bulls back in the game and currently attempting to break through the $0.00007 level.

Whether $SHIB will continue to rise in the short term is up for debate, however the long term outlook of SHIBA INU is strong as the high trading volume and hype surrounding the crypto is still in strong effect.

Shiba Inu News

In recent news, NFL Player Brandon King said he is buying more $SHIB and has a bullish sentiment.

Im buying more #SHIB

— Brandon King (@BrandonKing4787) November 4, 2021

His tweet garnered more than 7.2k likes, which speaks to the strong community support that Shiba Inu has.

In other news, the Shiba Inu Robinhood petition just now reached 500,000 signatures. The petition reads:

“This petition is designed to kindly request of Robinhood to please list Shiba Inu coin to trade. Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride.  Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks!”

Whether Robinhood will list Shiba Inu with the petition signed is up for debate. In a recent interview with Fortune, Robinhood’s CEO Vlad Tenev said:

“we’re having to carefully evaluate whether we can add new coins in a way that’s safe for customers and in line with regulatory requirements”

Conclusion

Overall Shiba Inu’s sentiment is extremely bullish due to the aggressive marketing campaign that various exchanges have been running. These marketing campaigns almost always feature Shiba Inu, which incentivize those new to crypto to purchase the token.

For example, if you’ve been going on TikTok and Youtube you’ve seen Coinbase.com ads featuring BTC, ETH, and SHIBA. Being in crypto since 2014, this is the first time I’ve seen such a mainstream marketing campaign by crypto exchanges. It comes as no surprise that crypto is exploding with popularity and Shiba Inu continues its meteoric rise.

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