- The SECP or SECP256k1 upgrade will be gifted to the Cardano community on Valentine’s Day, an ADA price surge is now being predicted.
- The SECP upgrade is a major milestone for Cardano as it will bring new features to Plutus.
This year’s Valentine’s Day is coming with a special gift for the Cardano community. Members of the Cardano community are looking forward to the long-awaited Cardano upgrade SECP. The community has patiently awaited the arrival of SECP, since it was announced on the 3rd of November 2022. The community is now only 24 hours away from SECP going live.
The VP of community and ecosystem at Input Output Tim Harrison kept the market excitement of community members up, after making a reassuring Twitter post. The post hints that the Cardano valentine upgrade is still going live on the 14th of February, as previously announced.
February 14th ♥️ #Cardano #Valentine 👍@InputOutputHK
More on the upcoming upgrade here: https://t.co/PStDYIRsP4 pic.twitter.com/WBmQwIS3tP
— Tim Harrison (@timbharrison) February 9, 2023
Cardano has been on a decline for more than 7-days. Prices have stabilized at $0.36. ADA could see very swift changes in the next few days. Dan Gambardello is a Cardano influencer who already says a pump is an insight.
“I’m certain Cardano ecosystem is about to burst into a market share feeding frenzy.” He said.
I’m certain #Cardano ecosystem is about to burst into a market share feeding frenzy, and something tells me I’ll be doing a lot of $ADA live streams.
— Dan Gambardello (@cryptorecruitr) February 13, 2023
SECP- Its benefits for developers, and what it brings to the Cardano network
SECP also known as SECP is an elliptic curve. The curve is used by blockchains to inplrmrny public key cryptography to validate transaction signatures. Schnorr signatures and Elliptic Curve Digital Signature Algorithm (ECDSA) are examples of SECP. Using these allows users to integrate and verify specific signed hashed data. Both signature algorithms work with the SECP256k1 curve in many blockchains
“Cardano uses the Edwards-curve Digital Signature Algorithm (EdDSA) with elliptic curve25519 as its native signature algorithm. This means that Plutus DApp developers who want to work with other blockchains and need to validate ECDSA and Schnorr signatures would have to spend time, effort, and funds to implement such SECP elliptic curves in Plutus. Additionally, this considerably increases potential security risks. Since ECDSA and Schnorr aren’t native to Cardano, such operations would be more expensive and time-consuming unless provided as built-in functions.” Cardano explained.
IOG wants to enable building cross-chain applications efficiently by adding new built-in functions. Functions will support ECDSA, Schnorr, and Cardano’s native signature.
Built-in functions will become native to Cardano. Security will be provided at the highest level when the built-in functions have been audited and implemented by experts. Plutus DApp developers will have a wider choice of multi-signature or threshold signature designs for usage, as a result.
