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Cardano has announced the Mithril protocol that will focus on speed and efficiency, particularly decreasing the time required for nodes’ syncing.
Most Layer 1s struggle with the blockchain trilemma – how to solve the challenges of scalability, security, and decentralization. To improve scalability, a project must solve the riddle of enhancing speed.
Cardano Mithril Upgrade Aims to Bring Wider Use Cases
Input Output Global (IOG), the engineering team behind Cardano, announced Mithril’s first certified snapshot on the mainnet on Tuesday. The protocol aims to boost nodes’ syncing time without compromising security by retrieving the snapshot of the current blockchain state.
Learn more about mainnets here.
If someone wants to run the Cardano node, they need to download the full blockchain copy that requires a minimum storage space of 100 gigabytes (GB). But Mithril allows developers to deploy light clients and mobile applications, smoothing out the sidechain operations.
The protocol works with the support of three main components:
The signer
The aggregator and
The client
Will Cardano Manage to Match Solana’s Performance?
The IOG developers first discussed Mithril in 2021. Later, in March 2022, Charles Hoskinson, the co-founder of Cardano, promised to deliver a Solana-like performance with the help of Mithril.
While Cardano plans to bring many applications and use cases into the ecosystem, its core developers are declining. The screenshot below shows that the core developers have declined by around 12.3% in the past 365 days.
However, BeInCrypto reported that decentralized finance (DeFi) activity is increasing in the Cardano ecosystem. The Total Value Locked (TVL) has been in an uptrend in the last 365 days, currently standing at $182.83 million.
BeInCrypto reached out to the Cardano Foundation but has yet to hear back.
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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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