- Cardano’s Mithril Update is set to release this summer.
- Mithril looks to enhance the Cardano network.
- The Mithtril protocol looks to evolve network participation on Cardano.
Cardano’s highly-anticipated Mithril Update is set to hit the mainnet soon. The upgrade aims to make the Proof-of-Stake chain more efficient and streamlined, challenging its competitors, Ethereum, Solana, and Polygon.
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With the clock ticking toward the revolutionary update, here’s how Mithril is set to change Cardano.
What Is Mithril?
Mithril is a stake-based signature scheme and protocol designed to enhance the Cardano network by speeding up and optimizing data synchronization between applications. Introduced in August 2022, Mithril aims to play a crucial role in fueling Cardano’s growth and making network participation more accessible.
Currently, users have limited options for participating in the Cardano network: running a full node, which requires downloading and validating the entire blockchain, or using a lightweight client, both of which can be time-consuming and resource intensive. Mithril, on the other hand, changes the game by bootstrapping a full Cardano node. It retrieves a certified snapshot of the current blockchain state, drastically reducing sync time while maintaining security.
By bootstrapping full Cardano nodes, Mithril opens up avenues for streamlined and efficient network participation as well as an improved DeFi ecosystem.
How Does Mithril Impact Cardano?
As Cardano scales, the rising size of its blockchain makes running a full node unfeasible for most people, considering it exceeds 120 GB at press time and could reach 1,000 GB in the future.
This is where Mithril comes into play. It makes network participation more accessible by significantly reducing the time and resources required for running a full node. With Mithril, developers can deploy light clients and applications while maintaining security without downloading or validating a full node.
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What’s more, it will also empower more users to participate in the network’s governance and voting processes without downloading a full node. This, in turn, will make Cardano more decentralized and distributed in contrast to other chains and invite more people into the decision-making process.
On the Flipside
- Charles Hoskinson believes that by the summer of 2023, Cardano could surpass Bitcoin, Ethereum, and every other cryptocurrency in decentralization. Mithril is one of the many protocols that could fulfill Hoskinson’s vision for this summer.
Why This Matters
As Cardano grows, it requires various solutions to streamline its growth and boost its performance. Mithril is one such solution that revolutionizes Cardano and makes it more efficient.
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