Sunday, June 16, 2019

Cardano Releases Update 1.5 on TestNet

Cardano has released an update, Cardano 1.5, on its TestNet and is expected to move to its Mainnet by the end of March or middle of April.

Cardano’s Evolution

Cardano is part of a new generation of coins spearheading different efficient blockchain processes and algorithms that are increasingly becoming different and theoretically better than older generations of crypto coins such as Bitcoin (BTC) and Ethereum.

Cardano’s new upgrade is as expected focused on improving its already impressive Ouroborous protocol, which is a modified alternative to the popular Proof of work and Proof of stake protocols used by Bitcoin and Ethereum respectively. Cardano emerged recently as one of the leading cryptocurrencies spearheading the third generation of blockchain coins alongside coins like IOTA, Hashgraph, and newer coins like the Grin which uses the nimble-wimble protocol.

Charles Hoskinson, who was also the co-founder of the second largest cryptocurrency by market cap, Ethereum founded Cardano alongside research pairs to make Cardano one of the best performing and efficient cryptocurrencies: the first step involving the creation of a unique protocol that draws on the strong-advantages of both Proof of work and Proof of Stake.

Ouroborous Protocol

The Ouroborous protocol is more similar to Bitcoin’s proof of work than Ethereum’s protocol, although the similarity is still generally far-fetched. Cardano’s official announcement reveals the Ouborous protocol would be upgraded to leverage the strength in the security of the Proof-of-work protocol while maintaining its own original algorithm.

The proof of work, which was the main protocol of first-generation blockchain networks, was found lacking in other implementations apart from monetary due to its rigidity and inability to attach conditions to its implementation. Buterin’s breakthrough proof-of-stake protocol pushed Ethereum to the forefront of the crypto space spearheading the second generation of crypto coins with smart contracts but was soon found lacking due to issues of scalability. Cardano’s Ouroborous protocol, however, navigates this issue excellently well, as its three core supports, Cardano Foundation, IOHK, and Emurgo prepare for the launch of a new upgrade.

Upgrade on TestNet

Cardano has released an official statement revealing the release of Cardano 1.5, as it encourages its users to upgrade to Cardano 1.5, testing out its performance on TestNet before it is moved to the Mainnet by early April.

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