Cardano, the third-largest cryptocurrency based on market capitalization, has achieved a significant milestone with the introduction of Mithril. This innovative protocol enhances node synchronization speed and efficiency on the mainnet.
Mithril is an innovative stake-based signature protocol. It empowers the nodes to swiftly validate block authenticity without the need to download the complete blockchain history.
This groundbreaking technology significantly enhances the scalability, security, and performance of the its network. As a result, it opens doors for diverse and complex applications and enables seamless utilization in various use cases.
Mithril facilitates decentralized decision-making by allowing nodes to vote on protocol parameters and updates based on their stake. The Mithril protocol mainnet beta has been successfully launched, thanks to dedicated volunteer stake pool operators (SPOs), actively under testing.
Currently, the team is diligently monitoring the network’s performance with anticipation for certificate generation during the next Cardano epoch, as reported in the latest Cardano IOG weekly update.
Mithril Road Map and Cardano Updates
The Mithril road map comprises three distinct phases: Mithril beta, Mithril MVP, and Mithril itself. Currently, the mainnet protocol is in its beta stage, known as Mithril beta. This phase was introduced with substantial assistance from SPOs (Stake Pool Operators).
Looking forward to 2023, we anticipate the launch of Mithril MVP—an incentive-based protocol that will provide enhanced functionalities catering to basic use cases like quick bootstrapping and secure light wallets. Finally, in 2024, the ultimate phase, called Mithril (2024), will be launched.
In addition to releasing Mithril, Cardano has also introduced node v.8.1.2—a minor update of their node that brings enhancements to the Plutus interpreter. Plutus serves as the smart contract language utilized by Cardano to build decentralized applications (DApps) on the network.
In the latest phase of the Cardano roadmap, known as Voltaire, decentralized governance takes precedence. This phase will establish a self-sustaining and democratic ecosystem that enables the community to actively shape and drive the future development of its platform and protocol.
To fulfill its objective, Cardano has introduced Intersect – a vital institution aimed at uniting various stakeholders, including companies, developers, individuals, and other ecosystem members, prioritizing community involvement in its growth.
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