Stay up to date with chaos that occurred on Cardano's network and community over weekend cardano
Cardano has garnered attention on the cryptocurrency market due to its high market capitalization in early 2023. Furthermore, as a competitor to Ethereum , it has seen significant growth in total value locked within the decentralized finance space and is also recognized as one of the most developed smart contract platforms.investors off guard. It went through a short and massive 60% reboot of the altcoin's nodes.
On the other hand, some members of the community disagree and argue that the diversity of nodes on the Cardano network is insufficient. As a result, not all nodes went offline as some were not accepting incoming connections. These discussions are taking place as the Cardano community awaits an official statement from IOG regarding the underlying cause of the issue within the blockchain.
The number of nodes present on a decentralized network can fluctuate over time and is influenced by a variety of factors, including the popularity of the network, the degree of decentralization and the incentives for operating a node. Currently, Cardano still has room for improvement in terms of the number of nodes on its network. To increase its presence in this area, the altcoin needs to gain wider adoption and attract more individuals to participate in. Additionally, setting up a node for the cryptocurrency requires a certain level of technical expertise, which limits the number of nodes.
It is also worth noting that the smart contract platform needs to increase its liquidity in order to incentivize developers to create more nodes. Despite the availability of multiple types of nodes on the Cardano network, most of them belong to the same node, which limits its ability to scale and become more decentralized.
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