Cardano Unveils Open source Project Ledger sync for Developers

• Ledger Sync, a Java-based data provisioning tool, aims to enhance the development experience for applications on the Cardano blockchain.
• The open-source framework addresses inefficiencies in data retrieval associated with linked list storage, offering improved accessibility for developers.

The Cardano Foundation has unveiled a new data provisioning tool based on Java, aiming to improve the development experience for those building applications on the Cardano blockchain.

The engineering department at the Cardano Foundation is working on this provisioning tool dubbed Ledger sync, that will enhance access to data on the Cardano blockchain. Also, the official statement from the Cardano Foundation reads:

The framework will be released under an open source license to equip developers and partners with an additional tool for chain indexing, increasing the diversity of the Cardano developer ecosystem.

The statement highlights a common challenge faced by many blockchain systems—inefficient data retrieval in a random access manner due to the linked list storage format. Previously, accessing transactions in block number 200 on Cardano required iterating through the first 199 blocks, which becomes impractical as the blockchain expands.

With over 9.5 million blocks on Cardano’s mainnet, this issue necessitates a more efficient approach. Recently, Cardano surpassed others in global crypto development activity, leading the rankings ahead of Polkadot (DOT) and Kusama (KSM), as reported by Santiment.

Ledger Sync includes a commitment from the Cardano Foundation to ensure ongoing maintenance and operation of the repository as an open-source project. Beyond serving as a library and tool, this initiative seeks to collaborate with community groups to establish a standard and potentially develop a reference implementation for decentralized data APIs. In this context, Ledger Sync could serve as the foundational data layer.

Cardano (ADA) Price to $35?

Cardano’s native cryptocurrency, ADA, has been gaining significant attention due to its impressive performance in the digital asset market. Over the past month, ADA has surged by nearly 50%, reaching a peak of nearly $0.40 according to CoinGecko’s data. Although it has experienced a slight retreat in recent days, currently trading around $0.36, ADA remains a focal point for various analysts offering price predictions. Also, the recent whale accumulations have put focus back on ADA.

One analyst, identified as FieryTrading, has put forth an ambitious forecast, suggesting that ADA could reach $35 in the next two years. This projection implies a remarkable 10,000% increase compared to its current valuation. The analyst derives their prediction from specific parallel channels that signal the initiation of a bullish trend. the analyst noted:

Since the pattern has now been confirmed, we can take a look at the next bull-market top. Assuming that the bull-market top will be somewhere in 2025 and that ADA will continue to follow this pattern, we can make the assumption that ADA will top somewhere above 35$.

Another analyst, Lucid, has advanced a comparable argument suggesting that ADA’s price might surpass $30. While Fiery Trading grounded its analysis on the confirmation from parallel channels, Lucid contended that Cardano could potentially reach $30, emphasizing that even Ethereum, despite its challenges, achieved a valuation of $500 billion.

Additionally, the Cardano Foundation has also been considering some Treasury Tax cuts that could potentially impact the ADA price going ahead.

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