Cryptocurrencies are currently in the grind to further improve their respective systems to be able to gain a competitive advantage. Following the announcement of Bitcoin’s Taproot, Ethereum has followed suit with its latest upgrade. Other players are also joining the club to stay ahead of the game. Here are some notable updates that you should know about when you visit crypto exchanges, such as the Crypto Engine trading platform.

Bitcoin’s Taproot

By November, Bitcoin users can already experience the magic of Taproot, which is quite promising. It is now in the process of testing this innovation to ensure that everything will run smoothly once launched. There is so much expectation from the upgrade given the period it took for the daddy of all cryptocurrencies to introduce new features and functions. You can expect that most of your issues and concerns will be resolved once it is implemented by the end of the year.

The latest upgrade promises to deliver security, efficiency and cost-effectiveness. First, the technology reduces your digital fingerprint online so you need not worry about your privacy. Second, the innovation guarantees efficiency with the Schnorr signature simplifying even multiple transactions. Third, you get to save not only time but also costs so you can expect a lot from the latest brainchild of Bitcoin. It will definitely be a game-changer in the crypto market developed to please current investors and those yet to come.

Ethereum’s London Hard Fork

Months before the launch of Taproot, Ethereum has already dropped its latest upgrade called the London Hard Fork. It has created a loud buzz from the online community, given its interesting offers. This change came out of concerns by miners and investors for the cryptocurrency to improve its system. Apparently, the big-time crypto market player has been conscious of the needs of its user base.

The best thing about the London Hard Fork is that Ethereum can boast of cheap, fast and convenient transactions. Fees shall now be generated according to the interplay of supply and demand. To think, Ethereum is already competitive in these areas, which is why it is anticipated to gain dominance in the market following the upgrade. This would be a challenge for other players to be able to catch up, given the huge leap taken by the frontrunner. No doubt, the competition is becoming extra tough this time around.

Cardano’s Purple Upgrade

Upgrades are not exclusive to the top two performers in the crypto market, with Cardano working its own magic on the side. Its roadmap involves three phases: the Alonzo Blue, the Alonzo White, and finally the Alonzo Purple, which was implemented from May to August of this year. The latest happening in the Cardano Network is supposed to give a boost to Ada coins. It would surely make a difference as leverage against several competitors in the market.

The most recent upgrade in the Cardano Network is the Alonzo Purple, which features smart contracts. With this update, the network is opening its doors to decentralized finance applications. It is also about welcoming other opportunities such as the issuance of ERC-20 tokens. And there is more to the platform with the Alonzo Red and Alonzo Black, which have already been slated on its roadmap. Who knows what the future will bring to a determined team of developers that simply keeps going?

Other updates calling for upgrades

Despite the good news brought about by the cryptocurrency upgrades, it is noteworthy that the crypto market has been shaken yet again by another scam. Imagine how some hackers managed to take away $600 million worth of investment from three blockchains such as Binance, Ethereum and Polygon. The Poly Network was dismayed by the huge loot after the attack, which might be the biggest heist to date. It has called on miners and developers to cooperate with the team to track down the culprits as the stolen coins were being returned.

The incident only shows that crypto platforms are still vulnerable to online attacks. The system badly needs upgrades to ensure the security of investors. As the U.S. SEC Chairperson recently argued that he remains neutral on technology but never on consumer protection. At the end of the day, the interest of the investors would always be the top priority.

Conclusion

While cryptocurrencies are keen on improving themselves, it would not hurt for crypto exchanges and other platforms to do the same. After all, the improvement is intended for the betterment of the ever evolving crypto market.