Cardano Blockchain Ready for ‘Mithril’ Upgrade: Here’s What It Means for ADA Community

Already eco-friendly in nature, the Cardano blockchain works on a proof-of-stake (PoS) mining model.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 25 July 2023 21:14 IST

Cardano Blockchain Ready for ‘Mithril’ Upgrade: Here’s What It Means for ADA Community

Photo Credit: Unsplash/ Michael Förtsch

Mithril's proof of concept was released in August 2022

Highlights

Cardano blockchain is eco friendly
Cardano’s native token is called the ADA
ADA’s market cap stands at $10.68 billion

With the data load on blockchains bulking up by the day, several networks have begun to deploy improvements to their current ecosystems. The Cardano blockchain is the latest one to be getting ready to receive a network revamp, that seems to have stirred a buzz in the global crypto community. The name of this upgrade is ‘Mithril', which is designed to elevate the security and transaction processing timelines. The deployment of this upgrade from the testnet to the Cardano mainnet is right around the corner.

Already eco-friendly in nature, the Cardano blockchain works on a proof-of-stake (PoS) mining model. Its native token is also called Cardano and is denoted as ADA. Its current market cap stands at $10.68 billion (roughly Rs. 87,456 crore). The Mithril upgrade is aimed at making Cardano better the efficiency of its speed, security, and decentralised decision-making capabilities.

This upgrade would not only make the transaction speed on the Cardano blockchain swifter, but will also expand the kinds of decentralised applications (dApps) it could host.

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“Mithril retrieves a snapshot of the current blockchain state boosting the syncing time for nodes while facilitating strong security settings. dApp developers will be able to deploy light clients and mobile applications or streamline sidechain operations. Mithril will also empower stake-based voting applications and governance solutions. Secure tally verification through Mithril signatures can simplify decentralised decision-making, providing verifiable outcomes,” Input Output Hong Kong (IOHK), the blockchain firm responsible for Cardano, explained in a blog post.

IOHK has said, “Now in its final testing stages, Mithril is preparing for a mainnet launch.”

IOHK has also been notifying the ADA community about this upgrade via Twitter for some days now.

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ICYMI: With Mithril, #Cardano's network becomes more efficient, streamlined, and capable of supporting a wider range of applications and use cases.

Learn more about #Mithril here :arrow_heading_down:https://t.co/TRknmLhq5q pic.twitter.com/8XUkbfByaM
— Input Output (@InputOutputHK) July 24, 2023

Mithril's proof of concept was released in August 2022. Earlier this week, Binance posted a blog about Cardano's Mithril upgrade.

The blog noted that, “A core function of Mithril is that it brings even greater efficiency to the proof-of-stake consensus mechanism for the Cardano blockchain. Mithril uses a weighted algorithm to determine each node's role in the verification process, which helps the blockchain to become more secure due to the financial disincentive being greater for the largest stakers.”

As of now, an exact date for Mithril to launch on the Cardano mainnet remains undisclosed, but is touted to be almost around the corner now.

Earlier this month, Binance's BNB Chain underwent the ‘Zhangheng' upgrade that aims to improve the security features on the BNB Chain and slash the chances of notorious cyber actors trying to exploit any vulnerabilities if any.

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Further reading: Cryptocurrency, Cardano, ADA, Mithril Upgrade

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More