Cardano, a prominent blockchain platform in the cryptocurrency realm, has achieved two groundbreaking milestones that showcase its resilience, dependability, and innovation.
The network has accomplished an extraordinary feat of zero downtime for over 2,130 days, equivalent to an impressive 5.83 years since its launch in 2017. This unparalleled uptime demonstrates Cardano's unwavering commitment to providing users with uninterrupted access to its services, setting it apart from other blockchains.
The remarkable success of maintaining 100% uptime can be attributed to Cardano's design philosophy, which revolves around extensive research and peer review. Founder Charles Hoskinson has consistently emphasized this as a core strength, highlighting the network's steadfast progress despite some criticisms regarding its pace.
As a result of this achievement, user engagement and community participation on Cardano have soared, with over 80,000 daily transactions recorded recently.
Central to Cardano's seamless operation is the community's active involvement, with 3,182 active stake pools and nearly 23 billion ADA staked, ensuring decentralization and bolstering security. Hoskinson's personal confidence in the platform is evident as he has staked all of his ADA holdings, in contrast to Ethereum's co-founder Vitalik Buterin, who expressed reservations about staking all his ETH due to security concerns.
Mithril Upgrade Goes Live for Cardano
In tandem with its zero downtime achievement, Cardano has launched the Mithril upgrade, a stake-based protocol that addresses crucial issues in blockchain applications. Mithril optimizes data synchronization and network participation by leveraging stakes to enable transparent, secure, and lightweight stake aggregation through a threshold signature scheme.
Mithril involves multiple stakeholders known as 'signers,' who validate blockchain snapshots through specific certificates. An aggregator then collects these signatures, creating a chain of certificates and delivering verified blockchain snapshots to clients.
This streamlines the operation of full nodes, making network participation more accessible to a wider audience and facilitating the deployment of light clients and applications without compromising security.
One of the primary benefits of Mithril is its promotion of decentralized decision-making within Cardano's governance and voting processes. The upgrade allows more users to participate without the need to download a full node, fostering inclusivity and enhancing overall network security.
The introduction of Mithril marks a significant milestone for Cardano, positioning it for further growth and development in the blockchain space. By welcoming greater participation, the protocol solidifies its status as a leading blockchain platform and paves the way for a more decentralized and secure future.
ADA Shows No Reaction, Trades Flatly
Not surprisingly, ADA has not reflected these notable developments in the network and currently trades flat at $0.310. This comes as volatility, as highlighted by the ATR indicator, returns to near-zero levels.
Nevertheless, the cryptocurrency maintains an upward trajectory as we enter the month of August. Reactions to the NFP data release on August 4 should drive some price action for the market and ADA over the coming week. For now, there’s really nothing worthy of note about Cardano’s price action.
ADA Statistics Data
ADA Current Price: $0.310
ADA Market Cap: $10.9B
ADA Circulating Supply: 35B
ADA Total Supply: 45B
ADA Market Ranking: #8
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.