As the data load on blockchains increases by the day, several networks have started making improvements to their current ecosystems. The Cardano blockchain is the latest to prepare for a network overhaul that appears to have caused a stir in the global crypto community. The name of this upgrade is “Mithril” and is intended to increase security and the time frame for transaction processing. Deployment of this upgrade from testnet to Cardano mainnet is imminent.
The Cardano blockchain is inherently eco-friendly and based on a Proof-of-Stake (PoS) mining model. Its native token is also called Cardano and is referred to as ADA. Its current market capitalization stands by $10.68 billion (approximately 87,456 crore). The Mithril upgrade aims to make Cardano more efficient in terms of its speed, security, and decentralized decision-making capabilities.
This upgrade would not only accelerate transaction speeds on the Cardano blockchain, but also expand the types of decentralized applications (dApps) it could host.
“Mithril pulls a snapshot of the current blockchain state, speeding up sync time for nodes while enabling strong security settings. dApp developers can deploy light clients and mobile apps or streamline sidechain operations. Mithril will also enable participation-based voting applications and governance solutions. Secure tally verification through mithril signatures can simplify decentralized decision-making and provide verifiable results,” explained Input Output Hong Kong (IOHK), the blockchain company responsible for Cardano, in a statement blog entry.
IOHK said, “Mithril is now preparing for a mainnet launch in the final testing phase.”
IOHK has also been informing the ADA community about this upgrade via Twitter for a few days.
Mithril proof of concept was released in August 2022. Binance released earlier this week posted a blog about Cardano’s Mithril upgrade.
The blog states, “A core capability of Mithril is that it makes the proof-of-stake consensus mechanism for the Cardano blockchain even more efficient.” Mithril uses a weighted algorithm to determine each node’s role in the verification process, which helps make the blockchain more secure as the financial disincentive for the largest stakeholders is greater.”
An exact date for the launch of Mithril on the Cardano mainnet is not known at this time, however, it is claimed that it is coming soon.
Earlier this month, Binance’s BNB chain underwent this “Zhangheng” upgrade The goal is to improve the security features of the BNB chain and reduce the chances of notorious cyber actors to exploit any vulnerabilities.
