Cardano's Mithril scaling solution is making strides in addressing blockchain scalability challenges. Mithril, a stake-based signature scheme and protocol designed to enhance node syncing efficiency, has gained significant attention since its Mainnet Beta launch in July this year. The release of the Mithril 2 paper introduces novel cryptographic techniques, such as approximate lower bound arguments (ALBAs), allowing users to prove possession of large datasets without revealing them entirely. This advancement improves the efficiency of extracting witnesses from concise noninteractive knowledge arguments (SNARKs), minimizing the prover's effort. With around 80 stake pool operators already deploying Mithril signers and over 1.5 billion ADA staked, Cardano's ecosystem is witnessing rapid adoption and enhanced node bootstrap times of under 20 minutes.
In related news, Nami, a prominent noncustodial wallet for Cardano-based cryptocurrencies, has officially become a part of Input Output Global (IOG) as of 1 November 2023. Users can continue to use Nami's services seamlessly within the IOG ecosystem, ensuring continuity. Alessandro Konrad, Nami's creator and lead maintainer, cited the need for a capable steward to support Nami's growth, leading to this integration. IOG founder Charles Hoskinson praised Konrad's work on Nami and expressed excitement about Nami's future under IOG's guidance, hinting at new products for Cardano enthusiasts. Nami's role in facilitating NFT operations and its integration into IOG's ecosystem mark significant developments in the Cardano community.
Cardano's Mithril Scaling Solution Releases Groundbreaking Paper on Stake-Based Threshold Multisignatures
In the world of blockchain technology, scalability is a constant challenge that developers and researchers tirelessly work to address. Cardano, one of the leading blockchain platforms, has been at the forefront of this endeavor, and its founder, Charles Hoskinson, recently expressed his excitement about a groundbreaking development in this area. The news centers around "Mithril," a Cardano scaling solution that is making waves in the blockchain community.
Mithril, introduced as a stake-based signature scheme and protocol, is designed to enhance the speed and efficiency of nodes' syncing times on the Cardano network. The project achieved a significant milestone when it went live on Mainnet Beta in July, producing its first snapshot. Since then, it has garnered considerable attention, with approximately 100 stake pools contributing to the signing of Mithril certificates.
The journey of Mithril began with IOG (Input Output Global) researchers publishing a research paper titled "Mithril: Stake-based Threshold Multisignatures" in 2021. This paper provided an in-depth explanation of how Mithril operates as a stake-based threshold signature scheme, enabling lightweight stake leveraging within the Cardano ecosystem.
The recent release of the Mithril 2 paper has taken the project to new heights. Romain Pellerin, CTO of Input Output Global, shed light on the innovations introduced in this paper. One of the key features highlighted in this paper is the introduction of a novel cryptographic technique known as "approximate lower bound arguments" (ALBAs).
ALBAs serve a crucial purpose in the world of blockchain technology. They enable users to prove possession of a large dataset without the need to disclose the entire dataset. This capability is particularly significant for applications that require the verification of numerous digital signatures from various individuals, all without revealing the underlying details of each signature.
The study accompanying the Mithril 2 paper delves into the practical applications of ALBAs, particularly in the context of concise noninteractive knowledge arguments (SNARKs). SNARKs are cryptographic constructs used in various blockchain protocols to facilitate efficient and secure verification of transactions. With ALBAs, the extraction of witnesses from SNARKs becomes significantly more efficient. Provers can minimize their effort, and shorter proofs can be obtained by employing ALBAs rather than custom-built solutions.
Since its launch on the Cardano Mainnet in July, Mithril has gained substantial traction within the Cardano community. Around 80 stake pool operators (SPOs) have deployed Mithril signers, collectively staking over 1.5 billion ADA. This rapid adoption is a testament to the solution's effectiveness and its potential to address scalability challenges on the Cardano network.
One of the key achievements of Mithril is its ability to improve the download and extraction processes. Thanks to these enhancements, the time required to bootstrap a Cardano node on a consumer-grade laptop has been reduced to under 20 minutes. This reduction in sync time is a significant advancement, making Cardano more accessible and user-friendly for all participants.
Charles Hoskinson's excitement about Mithril's progress is shared by many within the Cardano community and the broader blockchain industry. As blockchain technology continues to evolve, scalability solutions like Mithril play a pivotal role in enabling these platforms to reach their full potential. With its innovative approach to stake-based threshold multisignatures and the introduction of ALBAs, Mithril is set to further cement Cardano's position as a leading blockchain platform, capable of handling a wide range of applications efficiently and securely. As the Cardano ecosystem continues to grow, the future looks promising for this innovative scaling solution.
Nami Officially Joins IOG Ecosystem, Ensuring Continuity for Users
Nami, the popular noncustodial wallet for Cardano-based cryptocurrencies, has officially become a part of the Input Output Global (IOG) ecosystem. The move was announced on 1 November 2023, marking a significant step forward for both Nami and IOG, which continues to expand its product family.
Nami, introduced over two years ago by veteran blockchain developer Alessandro Konrad, has garnered a dedicated user base within the Cardano community. Known for its user-friendly interface and support for various Cardano-based assets, Nami has been a trusted tool for Cardano enthusiasts and users who engage in non-fungible token (NFT) transactions.
According to an official statement released by IOG, Nami's integration into the IOG ecosystem will not disrupt its existing services. The statement assures Nami's customers that they can continue using the wallet as they have been, maintaining their access to a seamless and secure platform for managing Cardano-based assets.
Alessandro Konrad, the creator and lead maintainer of Nami, shared his motivation behind this strategic move. Reflecting on the journey of Nami, Konrad mentioned that it all began with his aspiration to create decentralized applications (DApps) and a marketplace contract for SpaceBudz on the Cardano blockchain. As Nami grew and its user base expanded, it became evident that managing it single-handedly was becoming increasingly challenging. Konrad faced a pivotal decision: to either transform Nami into a standalone business venture or find a capable steward to oversee its future.
Konrad expressed his satisfaction with Nami finding its new home under IOG's guidance. He highlighted IOG's abundant resources and expertise, which will provide Nami with the support it needs to further evolve and cater to the Cardano community's growing needs.
Charles Hoskinson, the inventor of Cardano (ADA) and the founder and CEO of IOG, extended his appreciation to Konrad for his remarkable work on Nami. Hoskinson acknowledged Nami as a leading wallet known for its convenience and ease of use within the Cardano community. He also hinted at Konrad's continued involvement in the Cardano ecosystem, emphasizing that he is currently working on new products and services that will benefit ADA enthusiasts.
Nami's significance within the Cardano ecosystem extends beyond its role as a wallet for sending and receiving ADA and other Cardano-based tokens. It has also served as a versatile instrument for various operations involving non-fungible tokens (NFTs), reflecting its multifaceted utility.
While the official announcement regarding the details of the deal between Nami and IOG remains pending, the integration of Nami into the IOG ecosystem signals a promising future for both parties and the Cardano community as a whole.
In other news related to the Cardano blockchain, as of 31 October 2023, the total value of assets locked in Cardano-based decentralized finance (DeFi) protocols had surpassed $207 million. This milestone marks a notable achievement, nearly revisiting an 18-month high. The last time Cardano's DeFi ecosystem demonstrated such impressive metrics was before the Terra (LUNA) ecosystem experienced a significant market correction.
Data from the DeFi Llama tracker revealed that a substantial portion of the locked assets, nearly half of the total, were controlled by users participating in two prominent protocols, Minswap and Indigo. This underscores the growing adoption and utilization of Cardano's DeFi offerings, showcasing the platform's potential to compete with other established blockchain ecosystems in the DeFi space.
As the Cardano ecosystem continues to mature and expand, the integration of Nami into the IOG family and the growth of DeFi protocols indicate that Cardano is positioned to play an increasingly significant role in the broader blockchain landscape. Users and enthusiasts can look forward to further developments and innovations in the Cardano ecosystem in the coming months.
ADA was able to achieve an impressive 7% gain over the past 24 hours, according to the cryptocurrency price tracking website CoinStats. Subsequently, the altcoin’s price stood at $0.308404 at press time.
Price chart for ADA (Source: CoinStats)
The cryptocurrency also strengthened against the market leader Bitcoin (BTC) throughout the past day of trading. CoinStats data indicated that ADA was up 3.56% against BTC. This meant that 1 ADA token was estimated to be worth 0.00000868 BTC.