Cardano Receives Exciting Upgrade!

September 7, 2023 10:38 am Comments

Cardano users just received some exciting news.

Minimum transaction requirements are a common inconvenience on many blockchain networks, and users have long sought a remedy for this common problem.

Now users of the Typhon Wallet will be able to sidestep that minimum amount needed to conduct an ADA transaction on the Cardano network.

Before the recent update to the Typhon infrastructure, it took a minimum of ~1.14 ADA to fully sign and close a transaction on Cardano.

Following the update, no such minimum amount is needed to sign a transaction.

Typhon Wallet utilizes a form of UTXO transactions and multi-signature tech. Both sides are required to sign onto a transaction which is then broadcast to the Cardano network.

If users on both sides fail to sign off on the transactions within a 24-hour period then the transactions are automatically voided.

Typhon Wallet creator and Web 3.0 CEO Ashish Prajapati teased the recent development: “Just sent an NFT without spending any ADA (except the fees) using my Typhon Wallet. As easy as it can get, you have to try it to believe it. Coming soon to your Typhon Wallet. Can’t wait to release this.”

The full details regarding this new tech can be found in this Medium article:

The wallets build transactions using the available wallet UTXOs, if each UTXO is from a different address (HD wallets) they need all those signatures from the wallet to be accepted on the chain. For the network, it does not matter if the UTXOs are from a single wallet or different.

This is where we can do the magic. Typhon uses UTXOs from the receiver wallet to compensate for the minimum ADA required, basically using the minimum ADA amount from the receiver wallet itself so that the sender does not have to spend from their pocket. (Yes, the receiver must have some balance.)

On Wednesday, the official Typhon Wallet X account also announced the launch of the update plus instructions and a demonstration of the newly instituted features.

U Today assured readers:

Warp Transactions use an intermediate mempool managed by Typhon’s backend. This acts as a holding area until the transaction is fully signed and ready to join the Cardano network. Concerned about security? Don’t be. This is no different from how light wallets or other infrastructure handle transactions.

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