Cardano community members have been looking forward to the new major main net update. In version 1.5, a few interesting changes and features are introduced. It is also a major step toward the introduction of the Shelley release, which will occur fairly soon. As the project slowly leaves the Byron development phase behind, the coming weeks and months will prove rather crucial in many different ways.
Another big Update for Cardano
No cryptocurrency project can afford to stand still. Ongoing development is vital for the success of any project, regardless of which industry it is targeting. In the case of Cardano version 1.5 has been released on the main net yesterday afternoon. It is also the final release of the Byron development phase, as the Shelley “era” will pave the way for a new Cardano in many different ways.
As such, this most recent client and main net release are crucial to ensure the transition to Shelley can occur as swiftly as possible. As part of the update, a new consensus protocol is introduced. Such changes are always interesting to keep an eye on, as they can make or break projects quite easily. For Cardano, it seems the new consensus protocol will be known as Ouroboros BFT. It is a “liaison” between the current Ouroboros Classic and Ouroboros Genesis. This latter protocol will be used as part of the Shelley era moving forward, whereas its Classic counterpart will be retired.
To put this development in its right perspective, the switch to Ouroboros Genesis is groundbreaking for Cardano. It will introduce the proof-of-stake concept, but with the same security-wise “guarantees” as proof-of-work protocols such as the one found in Bitcoin. That will be something to look forward to, albeit one has to wait and see what the future will hold exactly. The switch from Ouroboros Classic to Ouroboros BFT will occur through a separate protocol upgrade and is not part of the 1.5 release by default.
As is always the case this major new release will require all network participants to upgrade as quickly as possible. Daedelus users can upgrade to Cardano 1.5 through the client version 0.13.0. Failure to upgrade in time will cause problems for the upcoming hard fork which introduces the Ouroboros BFT consensus protocol. Although it is expected there will be no major issues in this regard, it doesn’t hurt to make sure users upgrade sooner rather than later. This also applies to all service providers relying on Cardano for any of its specific purposes.
The main problem is how there will undoubtedly be a few different “clients” to facilitate this upgrade. There has been a rise in fraudulent cryptocurrency-related applications over the past few years. It is not unlikely Cardano users will be targeted by this particular aspect either. Never allow anyone to access their wallet for whatever reason, nor should users download software from unofficial sources or forum posts. Keeping tabs on this particular aspect will prove somewhat difficult, but most users should be able to rely on common sense.
Cryptocurrency exchanges and trading platforms will also need to update the wallet API before upgrading to version 1.5. It seems that will not pose any major problems moving forward, although it will be interesting to see if all companies decide to make this happen in a swift manner. All things considered, this is a major development for the Cardano ecosystem and its community. Although the “big” changes have yet to materialize, the foundation for those upgrades is in place as of right now.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected] None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.