Cardano 1.5 Update Gets Mainnet Green Light, One Step Closer to Shelley Release as ADA Price Spikes
Cardano has officially released the Cardano 1.5 on the mainnet which is a milestone the cryptocurrency has achieved as it is the last major Cardano release of the Byron Development phase.
Since the launch of Cardano’s mainnet, it has been in the Byron phase only and from here it would make its way to the much anticipated Shelley phase.
Cardano 1.5 came out today
— Charles Hoskinson (@IOHK_Charles) March 20, 2019
This update finally brings a new consensus protocol that is Ouroboros BFT (Byzantine fault tolerance) that is part of the Ouroboros family of consensus protocols.
Ouroboros BFT is a crucial step in making the transition from Ouroboros Classic, the current consensus protocol that is running the Cardano network to the protocol for the Shelley era that is Ouroboros Genesis.
The much-awaited Shelley era, according to its roadmap will bring in a number of improvements in the form of multisig transactions, light client mode, paper wallets, a voting center, consensus and incentive fees, enhanced wallet backend, quantum resistant, and open Ouroboros delegation.
Meanwhile, Ouroboros BFT will provide a common technical meeting point in order to have a smooth handoff to Ouroboros Genesis, when that will be made. Ouroboros Genesis is a major upgrade to the current protocol running Cardano because it will be the “first” proof-of-stake protocol that will match the security guarantee of proof-of-protocols such as Bitcoin.
However, at the time of deployment of Cardano 1.5, the protocol will be dormant and will be activated at a later time through a protocol update that is technically a hard fork.
All the users have to upgrade to version 1.5 to make the hard fork. Moreover, Daedalus users now need to upgrade to the latest Cardano 1.5 version by installing Daedalus 0.13.0
Cardano (ADA) Rises 16% in Week while Volume takes a Hike
This update led to a rise in Cardano (ADA) prices as at the time of writing, it has been trading at $0.0538 with 24-hours gains of 3.45 percent. In the BTC market as well, it is in the green by 2.52 percent, as per the data provided by Coinmarketcap.
Cardano (ADA) 7-days price chart, Source: Coinmarketcap
In the last 7-days, ADA has seen some action as on March 14th, it has been sitting at $0.0464 and since then, it has surged 16 percent.
The 11th largest cryptocurrency by market cap of $1.4 billion has been managing the daily trading volume of $45 million which just a week back has been $28 million.