Cardano developers are not resting on their oars as they enter the final stages of developing a network optimization solution.
In a tweet on Tuesday, Cardano chief Charles Hoskinson urged stake pool operators (SPOs) to get involved in testing Mithril, a Cardano network optimization solution, as it enters the final stages of development.
“SPOs, get involved with Mithril,” the Input Output Global (IOG) founder tweeted.
SPOs, get involved with Mithril. https://t.co/vG1B2oVp8u
— Charles Hoskinson (@IOHK_Charles) August 30, 2022
Mithril is a solution developed by Cardano developers to optimize the data-sharing process between applications and nodes on the network. Notably, node synchronization is time-consuming as each node contains a full copy of the blockchain, requiring new nodes to download and verify each block. These require specialized equipment and extra time to synchronize the chain state. Mithril solves these by providing certified snapshots of the blockchain state in a staked-based signature scheme.
Notably, the team first introduced Mithril at the Cardano Summit in 2021. The IOG blog post reveals that the participation of all SPOs will make the Mithril network fully secure. Furthermore, CardanoLand stake pool notes in a tweet that it takes only 40 mins to launch the Mithril node on the testnet.
Started Mithril node on Preview Testnet successfully, it only took 40 min to setup. @IOHK_Charles great documentation. #Going4No1 #CardanoMithril #CardanoCommunity @timbharrison @benohanlon pic.twitter.com/DkmJqtD8dQ
— ₳ CardanoLand (ACL) (@CardanoLand) August 30, 2022
It bears mentioning that the Cardano network is on the brink of a significant upgrade at this time. On a live stream on Friday, Hoskinson noted that he expects the long-awaited Vasil hard fork to launch on the main network (mainnet) in September, barring any serious slowdown in development.
Notably, the Vasil hard fork upgrade promises to improve the network’s throughput, reduce transaction costs, and improve smart contract and decentralized app (dApp) development with improvements to the smart contract scripting language Plutus. Consequently, the upgrade is set to usher in a wave of dApps that promise to boost the total value locked (TVL) on the Cardano network.
As reported by The Crypto Basic on Monday, one of the three requirements for launching the hard fork on the mainnet has been met, as 75% of block-producing nodes were running version 1.35.3, the final node for the basil upgrade. Pooltool currently puts the figure at 82% today.
The remaining metrics include integration by at least 25 central exchanges and the top 10 dApps by TVL. The data shows that four exchanges have upgraded while several are in the process, while four of the top 10 dApps have already finished testing node 1.35.3.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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