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Cardano Ecosystem

Coingape

03/01/2024

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Cardano's Network Strengthens with 10 Millionth Block

Story Highlights Cardano recently celebrated a significant achievement by recording its 10 millionth block. The milestone was reached on March 1st, with confirmation from the Cardano explorer, Adastat....

Cardano's Network Strengthens with 10 Millionth Block

Cardano Price

Story Highlights

  • Cardano recently celebrated a significant achievement by recording its 10 millionth block.
  • The milestone was reached on March 1st, with confirmation from the Cardano explorer, Adastat.
  • Cardano's use of the EUTXO model and Alonzo upgrade enhances its multi-asset and smart contract efficiency.

Cardano, the eighth in the world in market capitalization, reached a landmark achievement last week in recording its 10 millionth block. This historical event was first brought into the public eye by a tweet from a Cardano user, Stakewithpride, on February 29, indicating that the milestone is approaching. The anticipated milestone was attained on the 1st of March, with the Cardano explorer, Adastat, confirming the count of the Cardano network’s blocks to be 10,000,224.

Milestone of Technological Evolution and Cardano

In contrast, Cardano distinguishes itself from other blockchains using an unspent Transaction Output (UTXO) model separate from the account-based models used in networks like Ethereum. The EUTXO mechanism with the Alonzo upgrade has improved Cardano’s functionality, making handling multi-assets and smart contracts more efficient. This development highlights the platform’s persistence in advancement, represented by the 10 million blocks accumulated in its network.

At the operational level, Cardano bases its system on the Ouroboros consensus protocol, an innovative proof of stake protocol backed by peer-reviewed research. This protocol is essentially important for the security and efficiency of the network, determining which stakeholders or stake pools will be generating new blocks depending on the stake they have in the network. The successful accomplishment of the 10 million blocks milestones is characteristic of the strength and consistency of the Ouroboros protocol and represents a major advancement in the network’s constant growth.

Crypto Market Surge Boosts Major Coins

The achievement of this milestone comes in a backdrop of buoyant sentiment in the crypto market, with Bitcoin and other major cryptocurrencies registering new tops. ADA, Cardano’s native coin, has performed commendably, seeing price levels last seen in May 2022. Although ADA’s price has increased by 1.65%, according to Coingape price list reports, ADA remains strong at around $0.69, pointing out the market trust in Cardano’s potential and stability.

Additionally, The network has experienced increased activity and innovation, which played a substantial role in achieving the 10 million block milestone. The recent high point is that 624,000 ERG have been sent to Cardano, representing 0.85% of the ERG’s total supply. This occurrence reflects the increasing attractiveness of Cardano as a hub for creativity and growth, and cements its status in the wider crypto ecosystem.

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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