Binance Declares Support For Cardano Network's OBFT Hardfork
The upgrade for Cardano network which was scheduled for 20 February would be Ouroboros BFT, an improved consensus mechanism. A median step between the Shelley and current Byron era, the network upgrade enabled staking feature on the mainnet of Cardano.
Announcement Made By BinanceBinance has declared that it would support for Cardano's network upgrade and recorded that no further token would be built during that time. Besides this, the cryptocurrency exchange also noted that this upgrade for the ADA network would not result in the creation of a new token, and Binance would reopen withdrawals and deposits for Cardano's ADA once they considered the enhanced network to be stable. Further, the exchange also stated that and would not inform users in a further declaration.
What IOHK Blog PostedIOHK posted a blog, that stated that it was a managed and planned protocol upgrade and would be performed at 4:44 pm EST or 9.44 pm UTC on Thursday. This one would be the first among the two decided hard forks.
Also referred to as a hard fork, the update would provide a connection from Ouroboros Classic to Ouroboros Praos, which, as a result, would power the Shelley era. As stated by the team, OBFT would be supported until they would be ready to utilize Ouroboros Praos, which would allow the feature of Shelley on the mainnet.
Some Information About OBFTPreviously, it was assumed that Shelley era would be live by 2019s end. However, due to unexpected circumstances, the launch had to be postponed.
OBFT contained a set of simple consensus algorithms, and it was an algorithm of BFT that was associated with the Ouroboros family. Also, the family of Ouroboros included a protocol, Ouroboros Classic, which has been operating presently on the Cardano mainnet. As stated by IOHK, later this year, when they would fully migrate to the decentralized Shelley era, they would perform Ouroboros Praos.
About The Author
Shailesh PanwarShailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.
Kraken Poll Involving Traders Suggests Good T...Zain Raza 14:53 PM 28 Mar 2020
FBI Arrests Russian Hacker And Shuts Deer.io ...Jyoti Singh 14:21 PM 28 Mar 2020
KuMex Planning to Launch Tether on Blockchain...Vandana Malik 14:12 PM 28 Mar 2020
Ficto New Blockchain-Based Online Streaming A...Jyoti Singh 13:00 PM 28 Mar 2020
Hive Tokens are Above Steem After a Week of T...Vandana Malik 12:51 PM 28 Mar 2020
Russian Police Ceases Illegal Bitcoin Mining ...Jyoti Singh 12:44 PM 28 Mar 2020
Crypto_bitlord Leaves Twitter, Says he Has Ha...Zain Raza 13:05 PM 28 Mar 2020
SilkRoad Founder Ross Ulbrichts's Celenbrates...Zain Raza 11:36 AM 28 Mar 2020
Kraken Looking Forward to Increase Job Force ...Vandana Malik 10:00 AM 28 Mar 2020
DPW Temporarily Shuts Mining Business After B...Jyoti Singh 08:44 AM 28 Mar 2020