Cardano’s 1.5 Mainnet Release Successful, Progress Towards New Proof-of-Stake Protocol 🚨 This article is 6 years old...
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Cardano’s 1.5 Mainnet Release Successful, Progress Towards New Proof-of-Stake Protocol
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Updated: Nov. 7, 2019 at 2:21 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cardano has successfully deployed its 1.5 mainnet, bringing the protocol a step closer to proof-of-stake consensus that “matches the security guarantees of proof-of-work protocols such as Bitcoin.” The update also includes a number of other optimizations, primarily around the blockchain’s crypto wallet, Daedelus.
On Mar. 21st, Cardano deployed its 1.5 mainnet. The release is the final stage of the project’s “Byron” phase of development, which includes optimized block storage, tools for programming language Rust, Daedalus for Linux, a Cardano testnet, and other features.
Technically, the release will fork Cardano. However, because the release is uncontentious it is unlikely to split the community or create a separate cryptocurrency.
Cardano (ADA) is currently ranked 11th with a market capitalization of $1.4 billion. Prior to the announcement, ADA was trading at 0.0518 per coin. Three hours after the announcement, ADA was trading at 0.0537, a 3.7 percent increase.
Progress Towards Proof-of-Stake
The 1.5 release also includes progress towards the project’s move to a new proof-of-stake consensus protocol. Currently, the project is using “Ouroboros Classic,” which uses a more limited number of nodes among other deficiencies. With 1.5, the project is transitioning to “Ouroboros BFT (Byzantine fault tolerance),” which is an intermediary for the projects final consensus algorithm, “Ouroboros Genesis.”
According to materials from IOHK, Ouroboros BFT is a common technical “meeting point” for the two protocols in order to ensure a “smooth handoff.” Allegedly, the update is “major” because it represents the “first proof-of-stake protocol that matches the security guarantees of proof-of-work protocols such as Bitcoin.” The update will not be active immediately with 1.5 and will be announced separately, according to the release.
Other Improvements
The 1.5 release also includes a host of other fixes and performance improvements, primarily revolving around Daedelus, Cardano’s primary crypto wallet.
Following 1.5, IOHK plans to release a line up of heavy-hitting features in its Shelley development cycle, including Trezor and Ledger Nano S support, full multi-signature support, side-chain support, NFC (touchless) debit cards, and other improvements.
It appears that Cardano has continued to deliver on its development promises for Q1, consistent with the project’s development-first-hype-later approach towards management. However, whether this will translate to Cardano and its cryptocurrency Ada overtaking incumbents like Ethereum is uncertain.
Cardano will unveil more details on its plans for Shelley at IOHK Summit 2019.
Cardano Market Data
At the time of press 2:21 am UTC on Nov. 7, 2019, Cardano is ranked #11 by market cap and the price is down 0.26% over the past 24 hours. Cardano has a market capitalization of $2.01 billion with a 24-hour trading volume of $121.86 million. Learn more about Cardano ›
Crypto Market Summary
At the time of press 2:21 am UTC on Nov. 7, 2019, the total crypto market is valued at at $327.26 billion with a 24-hour volume of $72.98 billion. Bitcoin dominance is currently at 62.72%. Learn more about the crypto market ›
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Cardano
$1.07007
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Bitcoin
$98,562.20
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
The TREZOR Model-T is a second-generation Bitcoin/Altcoin hardware wallet manufactured by SatoshiLabs.
The Ledger Nano S is built around a secure chip, ensuring the highest security to date.
Daedalus is a wallet, developed by IOHK which will allow you to store Cardano (ADA) cryptocurrency.