Cardano Price Rises as Upgrade 1.2 Gets Released

ADA is up more than 10% as Cardano new version should take effect at 12:20 UTC.

by Marin Marinov
29 May • 3 min
In Markets

The price of Cardano (ADA) is up more than 10% as the new version of the blockchain project has been released early this morning. The upgrade, dubbed Cardano 1.2, should take effect at 12:20 UTC, Charles Hoskinson, founder and CEO of Input Output Hong Kong (IOHK), the company developing Cardano, announced in a Twitter post on Tuesday.

Hoskinson revealed information about the upgrade by tweeting a screenshot from an internal conversation between two members of the IOHK team: “The 1.2/0.10.0 release update proposal to mainnet was accepted at around 00:20 AM UTC on Tuesday, so around 12:20 PM UTC the update will take effect. The website JSON metadata has been updated so users are now able to download and install the latest version,” Jacob Mitchell, devops director wrote via Slack to Tomas Vrana, a full-stack developer.

Cardano was up more than 10% on a daily basis at USD 0.19 as of 12:04 UTC on Tuesday, equal to a market cap of more than USD 5 billion. It was the best performer among the top 10 cryptocurrencies at that time. The all-time high of ADA was reached on January 4 this year, when the price of one token was as high as USD 1.32, corresponding to a market cap of USD 34.25 billion.

 

More upgrades?

So you know what we are going to do now that cardano 1.2 is out? Start getting Cardano 1.3 ready for QA. That boulder ain't going to push itself up the hill!,” Hoskinson tweeted on Tuesday, giving a signal for possible other upgrades.

Also on Tuesday, IOHK announced the releasing of the KEV testnet.

“IOHK is pleased to announce the release of the KEVM testnet 94. This is the first smart contracts testnet for Cardano. The KEVM is a correct by construction version of the Ethereum Virtual Machine (EVM) specified in the K framework. This technology, produced by Runtime Verification with the support of IOHK, is the first time that a complete formal semantics of the EVM have been produced. This is an important first in cryptocurrency that is a necessary step towards the promise of third-generation blockchains,” Laurie Wang, digital content editor at IOHK announced.

Cardano is a smart contract project that wants to change the way of developing cryptocurrency. It is based on the Proof-of-Stake protocol (PoS), which uses less energy than the Proof-of-Work (PoW), used by Bitcoin.