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Binance Declares Support For Cardano Network's OBFT Hardfork

Shailesh Panwar by Shailesh Panwar - 09:42 AM Feb 21, 2020
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 Binance

Binance 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 Posted

IOHK 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 OBFT

Previously, 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 Panwar

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.

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