Home
News
- 1 Cardano blockchain network brought a new feature for the smart contract platform.
- 2 As per the report, the new feature will be a “game changer for token transfer.”
According to an official press release, Strica, a company working on solutions and use cases for Cardano, the Haskell based blockchain, has unveiled a new feature. This new feature will work for the smart contract platform through their wallet, Warp Transactions. The press release described it as a “game changer for token transfers as Warp Transactions were created to ease the burden of transaction fees paid when sending assets on this network.”
Cardano New Feature Highlights
On Cardano blockchain network, every token transfer needs the sender to pay a minimum fee of 1.14 ADA to secure against network attacks. Whereas, now the Warp Transaction offers an alternative for this mechanism. It is based on the Unspent Transaction Output (UTXO) model that refers to the small amount of digital currency after one executes a transaction.
Warp Transactions are now considered a type of UTXO transaction. It will use the receiver address’s UTXOs to cover the minimum ADA fee required to process transactions on the Cardano network.
Notably, this new feature employs a multi-signature function. Thus, the receiver and sender must sign off for any transaction to be completed and published on the blockchain. Meanwhile Warp Transactions may set a new era for the ADA community, as this feature is only available for users of the Typhon Wallet.
Every time when a Warp Transaction is initiated, the receiving address is notified and given 24 hours to accept or reject the transaction. Whereas during this time period, the tokens are moved from the sender’s wallet and are locked in a mempool, which acts as a “holding area” till the receiver approves or cancels the transaction. Notably the mempool is managed by the backend of the Typhon Wallet.
ADA Price Action
The native token of Cardano, ADA has been moving sideways over the past few days. According to data from CoinMarketCap, the altcoin is stuck in the price range of $0.25 and $0.26 since the start of September.
At press time, ADA is trading at $0.254136 with a 24-hour trading volume of $115.51 Billion. ADA is up 0.04% in the last 24 hours, with a current market cap of $8.91 Billion.
However, ADA was in a bearish trend over the last 7 days that showed a nearly 1.50% price drop. It is projected that ADA will maintain its ranging market for now, reaching around $0.261 in the upcoming 5 days.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
