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Cryptocurrency

Cardano (ADA) Coin Price Increases as Ouroboros Genesis is Coming Closer

Cardano is the host of ADA cryptocurrency which is used to transact in digital funds.  Recently, the platform launched the testnet for Cardano 1.5 (the mainnet is yet to be launched). The testnet is having Daedalus 0.13.0 and Cardano SL 3.0.0. Plus it came up with many improvements in the network too. This launch of  Cardano 1.5. This is the last step of the Cardano’s Byron development phase. Concluding this phase would take it to the Shelley.

Byron development takes care of creating the baseline for Cardano which would enable users in trading and transferring ADA coins. Shelley, on the other hand, focuses on prime markets. It allows blockchain technology to grow into an autonomous and decentralized system.

The team of Cardano who brought the update into the market includes known and experienced developers and professionals like Charles Hoskinson. This upgrade shows that Cardano is growing and taking more significant steps. It is achieving its objectives in the given time, and the team is taking all the required efforts to make this come true.

Launching Cardano 1.5 is a new feather in the Cardano cap. It will act as an usher for and take the platform into the Shelley Development Phase. The journey of Cardano had not always been smooth. It had its setbacks and downs. Knowing this, one can say that the recent steps taken by Cardano show its optimism and faith it has in its network and business structure.

While launching Cardano 1.5, the platform has also introduced a new consensus program named ‘Ouroboros BFT.’ This would work as a bridge for those who are transiting from Ouroboros Classic (existing protocol) to Ouroboros Genesis (Shelley era protocol).

As per the blog post of the company, Ouroboros BFT will not be active immediately after deployment of the Cardano 1.5 release. The company will update it later and will announce it when the time comes. Once Ouroboros BFT gets activated, Ouroboros Classic protocol will not work. In short, this would be a hard fork which will be undertaken in a smooth way. What will make it smoother, is the agreement of all the concerned parties!

Cardano has an effective peer-review system which connects to both programmers and scientists and helps in improving its decentralized blockchain. At present, it has launched only the testnet; the Mainnet would be released around April.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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