The founder of Cardano, Charles Hoskinson, has praised blockchain’s performance, especially its cost-effectiveness.
The applause came following Cardano’s completion of a block transaction for 1,600 recipients at a cumulative fee of just $2.38. This feat demonstrates Cardano’s prowess in cost reduction, presenting it as a highly scalable network.
Highlights of Cardano’s Beauty in Cost-Effectiveness
In a post on April 17, the GPU highlighted what it tagged “The Beauty of Cardano.” According to Medium, Cardano processed eight transactions for 1,600 recipients in a single block on the network. The GPU noted that the total cost of the transactions amounted to 5.16 ADA, worth $2.38.
Dedium’s post revealed the blockchain’s ability to handle large volumes of transactions at a reduced cost. A deeper scrutiny revealed the block was created two months ago and stands out in terms of its processing speed, size, and low commission.
Notably, the eight transactions that constitute the block cost 0.64 ADA each, for a total of 5.16 ADA worth $2.38.
The block in question contained 800 ADA transfers worth $422.76 and 800 MYUSD. Cardano charging only $2.38 for such a large transaction indicates an improvement.
Cardano has recorded an upgrade in its transaction output, which spiked its technical performance. This overall implication brought a drastic drop in its cost, drawing the attention of many within the crypto community.
The beauty of Cardano
1 block
8 TX
1600 unique recipients
Total Fees ……. 5.16 ADA or 2.38$ pic.twitter.com/yH5gxKrOQL
— Dedium | GPU Computing Network on Cardano (@DediumNetwork) April 17, 2024
In response, Hoskinson, the brain behind the blockchain, applauded Cardano for this exceptional performance. Though not much, he appreciated the progress, tagging it as “honest work.”
https://t.co/cIQdKSxWY5 pic.twitter.com/rWbGvOGh6R
— Charles Hoskinson (@IOHK_Charles) April 17, 2024
Cardano Upgrade Supports Its Route to Success
Cardano has proven its stance in the industry with outstanding achievements using its Extended Unspent Transaction Output (EUTXO) model. The innovative design contributes to its technical prowess.
Also, the edge-cutting model remains a robust pedestal for Cardano’s rising. It aids the blockchain’s complex logic in processing transactions and maintains its efficiency and finality.
Moreover, Cardano has completed its Alonzo upgrade, which laid out support smart contracts and for multi-asset.
Hoskinson’s recent reaction regarding Cardano’s cost-effectiveness and performance underscores the network’s remarkable advancements. The blockchain has ramped up efforts to extend its boundaries within the industry.
Through its innovative approach and upgrades, Cardano has resolved some scalability challenges applicable to blockchain networks like Ethereum.
A recent post from the Cardano Foundation indicated that Cardano bagged the winner of the best layer one solution in 2024. This marks another great feat for the network and its large community in the decentralized finance space.
Amid the several reactions to Cardano’s recent cost reduction, a prominent ADA community member, @EdnStuff, gave a striking post. He noted that the network’s progressive success reflects the ability to “work smarter, not harder.“
Meanwhile, ADA trades at $0.4624, following a surge of 3.94% over the past 24 hours. With a market cap of $16.47 billion.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/cardano-founder-celebrates-blockchains-cost-effectiveness/