In a significant development for the Cardano ecosystem, the stake-based protocol, Mithril, is officially live on the Cardano mainnet. Mithril is set to play a crucial role in optimizing Cardano’s data synchronization, thereby paving the way for broader network participation.
Mithril is officially live on the #Cardano mainnet! 🚀@IOHK_Charles @Cardano @Cardano_CF @IOG_Eng @conraddit @canadastakes1 @euskalstakepool @SPO_DINO @VFS_StakePool @sakepool_ada @sakakibara1JPN @cardano_aden @hix_coffeepool @shiodome47 @rx78pool @slowhand4040 pic.twitter.com/Bn0AThnYL2
— Banksy – LEAD Stake Pool (@LEADStakePool) July 30, 2023
The system is composed of multiple stakeholders acting as ‘signers’ based on their stakes. These signers attest to specific certificates that validate blockchain snapshots. An aggregator comes into play by collecting these signatures, creating a chain of certificates, and subsequently delivering verified snapshots of the blockchain to clients.
Clients are at the receiving end of these snapshots and certificates, which they download, verify, and use. This mechanism enhances the security of the network by ensuring that blockchain snapshots are authenticated, thus providing reliable data to users.
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Mithril was introduced in August 2022 with the aim of catalyzing Cardano’s growth by enabling more accessible network participation. It achieves this by bootstrapping a full Cardano node, retrieving a certified snapshot of the current blockchain state. The resulting reduction in synchronization time maintains security levels while making it easier for users to participate in the network, even without running a full node.
The solution comes at a critical time when running a full Cardano node is becoming increasingly challenging due to the growing size of the blockchain. Mithril successfully mitigates this issue by significantly cutting down the time and resources required to run a full node, allowing more people to engage in the network. The deployment of light clients and applications is now possible with maintained security.
Furthermore, Mithril’s protocol broadens participation in Cardano’s governance and voting processes without the need for users to download a full node. This strengthens Cardano’s decentralization and distribution, welcoming a more significant number of individuals into the decision-making process.
This development is a pivotal step for the Cardano network, as it invites wider participation, fosters more decentralized decision-making, and bolsters overall security through the Mithril protocol.
While the Mithril launch marks a major technological milestone for Cardano, its price impact may take time to materialize fully. Historically, substantial upgrades that enhance a blockchain’s capabilities often pave the way for long-term price increases, but the effects are rarely immediate.
The price of Cardano (ADA) is $0.315832 today with a 24-hour trading volume of $142,689,626.53. This represents a 1.70% price increase in the last 24 hours and a 0.08% price increase in the past 7 days. With a circulating supply of 35 Billion ADA, Cardano is valued at a market cap of $11,072,698,737.
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