Cardano Blockchain Ready for ‘Mithril’ Upgrade: Here’s What It Means for ADA Community

Already eco-friendly in nature, the Cardano blockchain works on a proof-of-stake (PoS) mining model.

Advertisement
Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 25 July 2023 21:14 IST
Highlights
  • Cardano blockchain is eco friendly
  • Cardano’s native token is called the ADA
  • ADA’s market cap stands at $10.68 billion
Cardano Blockchain Ready for ‘Mithril’ Upgrade: Here’s What It Means for ADA Community

Mithril's proof of concept was released in August 2022

Photo Credit: Unsplash/ Michael Förtsch

With the data load on blockchains bulking up by the day, several networks have begun to deploy improvements to their current ecosystems. The Cardano blockchain is the latest one to be getting ready to receive a network revamp, that seems to have stirred a buzz in the global crypto community. The name of this upgrade is ‘Mithril', which is designed to elevate the security and transaction processing timelines. The deployment of this upgrade from the testnet to the Cardano mainnet is right around the corner.

Already eco-friendly in nature, the Cardano blockchain works on a proof-of-stake (PoS) mining model. Its native token is also called Cardano and is denoted as ADA. Its current market cap stands at $10.68 billion (roughly Rs. 87,456 crore). The Mithril upgrade is aimed at making Cardano better the efficiency of its speed, security, and decentralised decision-making capabilities.

This upgrade would not only make the transaction speed on the Cardano blockchain swifter, but will also expand the kinds of decentralised applications (dApps) it could host.

“Mithril retrieves a snapshot of the current blockchain state boosting the syncing time for nodes while facilitating strong security settings. dApp developers will be able to deploy light clients and mobile applications or streamline sidechain operations. Mithril will also empower stake-based voting applications and governance solutions. Secure tally verification through Mithril signatures can simplify decentralised decision-making, providing verifiable outcomes,” Input Output Hong Kong (IOHK), the blockchain firm responsible for Cardano, explained in a blog post.

IOHK has said, “Now in its final testing stages, Mithril is preparing for a mainnet launch.”

Advertisement

IOHK has also been notifying the ADA community about this upgrade via Twitter for some days now.

Mithril's proof of concept was released in August 2022. Earlier this week, Binance posted a blog about Cardano's Mithril upgrade.

The blog noted that, “A core function of Mithril is that it brings even greater efficiency to the proof-of-stake consensus mechanism for the Cardano blockchain. Mithril uses a weighted algorithm to determine each node's role in the verification process, which helps the blockchain to become more secure due to the financial disincentive being greater for the largest stakers.”

Advertisement

As of now, an exact date for Mithril to launch on the Cardano mainnet remains undisclosed, but is touted to be almost around the corner now.

Advertisement

Earlier this month, Binance's BNB Chain underwent the ‘Zhangheng' upgrade that aims to improve the security features on the BNB Chain and slash the chances of notorious cyber actors trying to exploit any vulnerabilities if any.


Will the Nothing Phone 2 serve as the successor to the Phone 1, or will the two co-exist? We discuss the company's recently launched handset and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
 

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Advertisement

Related Stories

Popular Mobile Brands
  1. Here's How Much the Vivo X Fold 5 and Vivo X200 FE Might Cost in India
  2. YouTube Targets Repetitive Videos in New Monetisation Update
  3. iPhone 17 Pro Max Tipped to Get a Battery Upgrade Over Its Predecessor
  4. Tecno Pova 7 5G Series Launching Today: All You Need to Know
  5. iQOO 13 Launched in india in Green Colourway: See Price, Availability
  1. CSIRO Uses Quantum AI to Revolutionize Semiconductor Design
  2. Metamaterial Breaks Thermal Symmetry, Enables One-Way Heat Emission
  3. NASA TEMPO Satellite to Continue Tracking Pollution Hourly from Space Until 2026
  4. Russia Launches Progress 92 Cargo Freighter with 3 Tons of Supplies to the ISS Successfully
  5. Sidlingu 2 Streaming Now on Prime Video: Know Everything About This Kannada Comedy Drama
  6. Madras Matinee Now Available for Streaming on Multiple OTT Platforms
  7. Pune Highway Now Available for Streaming on Amazon Prime Video: What You Need to Know
  8. Mivi AI Buds TWS Earphones Launched in India With In-Built AI Assistant
  9. Samsung Galaxy Z Fold 7, Galaxy Z Flip 7 First-Party Cases and Screen Protectors Leaked: See Colours
  10. Nvidia Briefly on Track to Become World's Most Valuable Company Ever
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.