The price of %Cardano (CRYPTO: $ADA) is up 10% after the cryptocurrency’s founder unveiled plans to enhance the scalability of the underlying blockchain network.
Cardano founder Charles Hoskinson outlined on social media plans to dramatically improve the scale and function of Cardano.
Hoskinson said on X / Twitter that “Leios is going to provide a dramatic increase in layer 1 performance. Complemented by rollups – coming to PlutusV3 – and Hydra, these things together will make for best in class for scalability.”
In layman’s terms, the changes to the blockchain that underpins Cardano will lead to faster processing times and improved security for the cryptocurrency.
That news has vaulted Cardano’s price 10% higher to $0.34 U.S. per digital token.
Cardano has been criticized in the past for having slow processing times and an algorithm that is not as sophisticated or secure as competing cryptocurrencies.
However, Cardano recently underwent an upgrade known as the “Chang” hard fork that marked the biggest enhancement to the cryptocurrency in more than two years.
The Chang hard fork, which was completed on Sept. 1, changed the structure of Cardano’s main network, allowing users to participate in on-chain governance procedures.
The upgrade enables holders of the cryptocurrency to elect representatives and vote on improvement proposals as well as technical changes to the blockchain.
Hoskinson has said that the goal is to move Cardano from being one of the most decentralized blockchains to becoming an ecosystem governed solely by its community of ADA holders.
The price of Cardano has risen 34% over the past 12 months.
