Cardano Hard Fork Concludes Byron Phase, Its Time For Shelley

  • Cardano (ADA) announced its plan to make changes in the algorithm of the blockchain from Ouroboros Classic Consensus to Ouroboros BFT (OBFT).
  • The new version of Ouroboros is known as Ouroboros Byzantine Fault Tolerance (OBFT).
  • The stage is all set for Shelley mainnet release and now the Cardano in its OBFT era.

In January 2020, Cardano (ADA) announced its plan to make changes in the algorithm of the blockchain from Ouroboros Classic Consensus to Ouroboros BFT (OBFT).

The update is a hard fork which will be a software protocol update but no new coins will be generated. The new version will create its own blockchain and it will be compatible with old coins.

Cardano is a decentralized open-source public blockchain and cryptocurrency project. The cryptocurrency it uses in its blockchain is named (ADA). The whole Cardano blockchain is based on an algorithm called Ouroboros designed by IOHK, which determines how individual nodes reach unanimity with the network.

The algorithm acts as a pillar to its infrastructure that supports ADA cryptocurrency. The new version of Ouroboros is known as Ouroboros Byzantine Fault Tolerance (OBFT) which is a revamped version of Ouroboros classic and can see a major upgrade in the client interface and security it offered.

The update in the algorithm concludes the Byron stage, Which IOHK implies that in this stage the first peer-reviewed platform will undergo fine-tuning of its features that can give a tough run to not only Ethereum but other crypto platforms.

And with the Byron stage ends with Ouroboros BFT it gets to the shelly stage which is yet to be released and it is related to Shelley mainnet release and it will help in highlighting the development that the protocols would boost more exotic cryptography irrespective of complexity and interdependence.

Most Read:  Critical On-Chain Signal Predicts That Bitcoin's Next Move Will Be Upward

On 20th February 2020, Cardano announced in its twitter page @Cardano

the tweet was about a successful hard fork of Cardano OBFT during epoch 176 which shows the countdown complete poster to the Cardano OBFT hard fork.

The stage is all set for Shelley mainnet release and now the Cardano is in its OBFT era. Cardano assured its ADA holder that there is no need to take any actions during or after the hard fork and no new ADA coins are created.

The Scammers can exploit the news of Cardano hard fork to launder money by establishing a fake market point and advertise a sale. Unaware people may get scammed.

The post Cardano Hard Fork Concludes Byron Phase, Its Time For Shelley appeared first on CryptoSyringe.




Source

You May Also Like

Leave a Reply