- Cardano reaches the “important” step of OBFT update as it moves towards the Shelley era
- This protocol update is the bridge for the currently in use Ouroboros Classic to Ouroboros Genesis, which will power the Shelley era
- Network fundamentals on a steady rise, the number of daily active addresses reaches a peak of 9.76K
On Feb. 20th, Ouroboros will be updated on the Byron mainnet to Ouroboros BFT, stated IOHK while sharing the latest developments. It’s been more than 18 months since the IOHK has been building a new architectural foundation for the Shelley era on the mainnet.
As the network moves towards the Shelley era, they have reached a “really important” step that is the OBFT update, Ouroboros Byzantine Fault Tolerance. This hard fork will basically act as a bridge between Ouroboros Classic, which is currently in use on the Byron mainnet, to Ouroboros Genesis, which will power the Shelley era.
Exciting Months Ahead
Ouroboros is the consensus protocol, “the algorithm that sits behind Cardano's capability as a decentralized proof-of-stake platform.” Ouroboros BFT has been implemented as a bridge by the developers as a “stepping stone in compatibility (…) to enable the evolution of Cardano on the Byron era, with its federated blockchain, to the decentralized Shelley era.”
Ouroboros BFT has been successfully tested on the Byron testnet and the team has announced that it’s time to deploy on the Byron mainnet. The deployment will be on Feb. 20th which the team says is “a really positive next step in the development of the Cardano platform.”
For the ADA holders, they don’t need to do anything as the update will happen behind the scenes and there will be no change to the coin, wallet, or exchange account or even if you have been involved with a Shelley incentivized Testnet, you won't’ be affected in any way, shared the team on Wednesday.
The next few months will be “exciting” ones for the Cardano community as the network continues to evolve.
Fundamentals on the Rise
In other news, the fundamentals of the Cardano network are also on the rise. The network activity has been seeing a rise with the number of daily active addresses reaching its all-time high (ATH) at nearly 10,000 on Feb. 12. This has been an increase of over 300% since January 1st, 2020.
The network activity on @Cardano has been growing steadily YTD.
The number of daily active addresses reached a peak of 9.76K on February 12. This is 319% more than the 2.33k addresses that were active on January 1, 2020. pic.twitter.com/8h5nUuzMpU
— intotheblock (@intotheblock) February 17, 2020
The active address ratio has surged 231% from the beginning of the year, up from 0.58% on Jan.1 to 1.93% earlier this week.
Additionally, the number of transactions on the network has also seen a spike, recording an average of just above 3600 transactions daily. At the beginning of the year, the transactions were down at 1,000 but it has now jumped above 4,200.
In terms of price, ADA is currently trading at $0.0624, up 85% in 2020 so far.