The price of ADA, Cardano’s native cryptocurrency is trading in the green sector as the community awaits the Shelley update that is expected to make it a genuinely decentralized blockchain.
Shelley update gets closer
On March 20th, the Cardano development team released their v1.5 software which contains the last major software release in Byron “bootstrap” development phase. Maki Mukai, the IOHK community manager, stated that the upgrade is set to activate Ouroboros BFT, the cryptocurrency’s optimized proof-of-stake (PoS) protocol.
According to the blog post, the Ouroboros BFT is very important in their move away from Ouroboros Classic, the current consensus protocol on the network to Ouroboros Genesis, the protocol for the upcoming Shelley update. Ouroboros Genesis is a crucial upgrade to the current protocol since it would be the first PoS protocol that matches the security provided by PoW protocols.
By attaining a high-security level, Cardano would become more valuable considering the fact that security is paramount when determining the value of a blockchain. The Shelley update would also increase Cardano’s ability to become censorship resistant.
Cardano in their roadmap explained that “As we progress through Shelley, work will be done that contributes to stability, interoperability, and governance. Throughout the arc of development, Cardano’s protocols will increase in complexity, interdependence and use more exotic cryptographic primitives.”
The price of ADA has been on the rise following this announcement. The cryptocurrency is up by 5% over the past 24 hours and occupies the tenth place on CoinMarketCap.
Cardano Now Fully Supported by Ledger Nano S Wallet
Cryptocurrency wallet provider, Ledger Nano S has announced that it is fully integrating ADA on its platform. This latest development means that Ledger Nano wallet devices would be able to protect the private keys of the Cardano network. The Ledger devices have also been made compatible with ADA’s official light wallet, the Yoroi.
Eric Larchevêque, CEO of Ledger while commenting on this latest development stated that the integration of Cardano is something the Ledger community has been eagerly anticipating. The Ledger team is constantly working to ensure that they fulfil the needs of their customers, Eric added. He expressed excitements at the official integration of Cardano on their platform.
Cardano Founder Believes Crypto Needs Interoperability
The founder of Cardano, Charles Hoskinson, is of the view that interoperability would be crucial in the next direction growth of the cryptocurrency space. The head of Inside Outside Hong Kong (IOHK) stated that digital currencies require a WiFi or Bluetooth moment considering the fact that they continue to struggle to gain widespread adoption.
Hoskinson stated that interoperability would provide cryptocurrencies with an improved method of communications, making it possible for users to integrate multiple platforms and coin projects. He believes this would exponentially increase the adoption potential of cryptos. The feature would also make it much easier for users to exchange crypto for crypto and fiat currencies, a move that could provide a more seamless use for cryptos in the global marketplace, he added.
Cardano Meetup In Bogota On April 4th
The Cardano community is getting ready for a meetup in Bogota on April 4th. The meetup will focus on the protocol of the Blockchain 3.0. They will also discuss the main characteristics of the network as well as the latest development in the Cardano space.
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