With the data load on the blockchains increasing by the day, various networks have started implementing improvements to their current ecosystems. The Cardano blockchain is the latest to prepare to receive a network revamp, which seems to have caused quite a stir in the global crypto community. The name of this update is ‘Mithril’, which is designed to increase security and transaction processing times. The rollout of this testnet upgrade to the Cardano mainnet is just around the corner.
Already green in nature, the Cardano blockchain works on a proof-of-stake (PoS) mining model. Its native token is also called Cardano and is denoted as ADA. Your current market capitalization is found in $10.68 billion (roughly Rs. 87,456 crore). The Mithril upgrade aims to make Cardano improve its speed efficiency, security, and decentralized decision-making capabilities.
This upgrade would not only speed up the speed of transactions on the Cardano blockchain, but it would also expand the types of decentralized applications (dApps) it could host.
“Mithril retrieves a snapshot of the current state of the blockchain, increasing node synchronization time and facilitating strong security setups. dApp developers will be able to implement thin clients and mobile apps or optimize sidechain operations. Mithril will also power stake-based voting applications and governance solutions. Secure count verification via Mithril signatures can simplify decentralized decision-making, delivering verifiable results,” explained Input Output Hong Kong (IOHK), the blockchain firm responsible for Cardano, in a statement. blog post.
IOHK has said: “Now in its final stages of testing, Mithril is preparing for a mainnet launch.”
IOHK has also been notifying the ADA community about this update via Twitter for a few days now.
The Mithril proof of concept was launched in August 2022. Earlier this week, Binance posted a blog about Cardano’s Mithril upgrade.
The blog noted that, “A core function of Mithril is that it brings even greater efficiency to the proof-of-stake consensus mechanism for the Cardano blockchain. Mithril uses a weighted algorithm to determine each node’s role in the verification process, which helps make the blockchain more secure since the financial disincentive is higher for larger participants.”
As of now, an exact date for the launch of Mithril on the Cardano mainnet has not been revealed, but it is said to be almost around the corner.
Earlier this month, Binance BNB Chain underwent the ‘Zhangheng’ update that aims to improve security features on BNB Chain and reduce the chances of notorious cyber actors attempting to exploit any vulnerabilities, if any.