We’re delighted to report that in the last few minutes we have submitted an update proposal to hard fork the #Cardano Testnet, and commence the countdown for the #Vasil mainnet upgrade. 🧵
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With over 75% of testnet blocks being created by the new Vasil node (1.35.0) we now have a good chain density to proceed safely.
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Thanks to all the #Cardano SPOs who continue to support the testnet, and their coordinated effort to ready the network for the Vasil HFC event.
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Once the changes have taken effect after the start of epoch 215 at 20:20 UTC on 3 July, the #Cardano testnet will start to enjoy the new #Vasil enhancements and capabilities that we’ll soon see on mainnet.
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The #Vasil upgrade – named in honor of long standing community member, the late Vasil St Dabov – brings significant performance and capability upgrades to #Cardano.
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#Vasil improvements include higher throughput through diffusion pipelining to a better developer experience via much improved script performance & efficiency (plus lower costs). It is #Cardano’s biggest and best upgrade to date.
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It is also the most complex program of work we’ve undertaken. And the whole community is involved. As shared previously, our prime concern is ensuring we manage this upgrade in a way that is safe and secure.
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The community has requested a minimum period of 4 weeks to allow SPOs, devs & exchanges the time they need to test and upgrade before hard forking the #Cardano mainnet. Once everyone is comfortable & ready, we'll go through the same process to upgrade the mainnet to #Vasil.
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Join us for Thursday’s #Cardano360 where we’ll introduce more of the IOG team plus some of the community collaborators #BuildingOnCardano and working so hard behind the scenes preparing for the Vasil upgrade. Subscribe & get alerted once we air: youtube.com/channel/UCBJ0p…
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Thanks to all the #CardanoCommunity for the continued support. We couldn't do this without you.
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Minimizing the energy cost and carbon footprint 👣 of the #Bitcoin#blockchain and related protocols remains one of the most widely identified open questions in the #cryptocurrency space.
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Substituting the proof-of-work (PoW) primitive in Nakamoto's longest chain protocol with a proof of useful work (PoUW) has been long theorized as an ideal solution in many respects but, to this day, the concept still lacks a convincingly secure realization.
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So we're pleased to announce that IOG research paper 'Ofelimos: Combinatorial Optimization via Proof-of-Useful-Work: A Provably Secure Blockchain Protocol' has been accepted to Crypto 2022 @IACRcrypto 🤓 3/4
There are over 1,000 projects #BuildingOnCardano and the ecosystem continues to grow.
That’s 1,000+ projects that believe in the Cardano blockchain and its community.
Let’s take a look at why some of these projects are choosing #Cardano. In their own words.
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💬 @adahandle - ‘a standardized NFT project that devs & users use to associate Cardano addresses with custom, human-readable addresses.’
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🌍 @Adanianlabs - ‘an AI, Blockchain, and smart technologies venture studio that builds nurtures, and scales impact-driven tech startups across Africa.’
Since its inception in 2015, the Cardano project had one clear goal: to alter the way cryptocurrencies are designed and developed. Like many other open-source projects, #Cardano did not have a defined roadmap or an authoritative whitepaper.
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Rather, it combined a range of scientific design principles and engineering best practices to produce a solid, pioneering, research-based blockchain. Such an approach positions #Cardano uniquely among other #blockchain platforms.
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A set of the best practices, ideas & contributions formed #Cardano’s foundation for building a secure, decentralized, and scalable ledger. There is now a substantial body of research, represented by IOG’s extensive library of papers, which at the time of writing numbers 139
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Ouroboros is the consensus protocol for #Cardano, the first provably secure proof-of-stake protocol, and the first blockchain protocol based on peer-reviewed research.
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Combining unique technology and mathematically verified processes, Ouroboros guarantees and supports the security and sustainability of any blockchain implementing it.
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The result is a protocol with proven security guarantees, able to facilitate the propagation of global, permissionless networks with minimal energy requirements.
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🏃We’re now into the final mile as we head towards the #Vasil upgrade and HFC event. Work is proceeding well and our operational focus remains on delivering the H/F by the most efficient route BUT MOST IMPORTANTLY to the right quality.
✔️It is IOG’s responsibility to execute a successful upgrade / hard fork that is safe and secure. It also requires minimal disruption to exchanges and ecosystem partners - from #Dapp developers to 3rd party tools providers. 2/n 🧵
👌The integration program towards Vasil is the most complex to date from a number of angles. It's a process that requires not only significant work, but also close coordination. 3/n 🧵
EUTxO differs from Ethereum’s account-based model. In Ethereum’s model, everyone has an account with a balance. When funds are transferred from one account to another, then balances are updated.
The ‘E’ in EUTxO stands for extended, improving on Bitcoin’s UTxO. Whereas UTxO smart contracts only interact with immediate requests to confirm a transaction, #Cardano’s EUTxO model improves on this.