Cardano (ADA) Releases Demo For Shelley Transition Combinator. See Video

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Mon, 06/29/2020 - 13:58
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Vladislav Sopov
Cardano (ADA) is approaching the Shelley stage of its mainnet. A demo of the Hardfork Combinator has been released by the product team to explain its technics
Cardano (ADA) Releases Demo For Shelley Transition Combinator. See Video
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Input Output HK, a development studio behind the Cardano (ADA) blockchain, has released a technical explanation of Hardfork Combinator operations in the process of the Shelley mainnet deployment.

Hardfork Combinator that allows avoiding hardfork

According to the official announcement by IOHK on the Cardano (ADA) forum, the concept of the Hardfork Combinator is designed to avoid a chain split in its common understanding. It allows a seamless transition from the Byron semi-decentralized phase to Shelley mainnet.

Cardano (ADA) releases demo for Hardfork combinator
Image via Twitter

The new instrument is being deployed to the testnet environment. The Cardano Foundation has released a video with a detailed technical explanation of how it works. Philipp Kant, Director of Formal Methods in IOHK, showcased the codebase and demonstrated why it was created this way.

This Combinator allows a smooth transition from Byron to Shelley for every node of the Cardano (ADA) blockchain. Without this instrument, a disagreement could evolve between different nodes.

Once that occurs, different versions of the protocol can start existing which, in turn, may lead to severe conflict between different parts of the blockchain.

One node, two protocols

With this combinator, one node can operate under various protocols at the same time. According to Mr. Tim Harrison, marketing and communications director of Input Output HK, the Combinator is crucial for the switch between the two stages of Cardano (ADA) progress:

While running the first protocol (i.e. Byron), it can be triggered by a special on-chain update whereupon it manages the smooth transition to running the next protocol (i.e. Shelley).

The codebase of the Hardfork Combinator has been successfully tested and is ready for deployment in the mainnet.

Mr. Kant explains the top distinct features of the new release and their role in the very sensitive transition process in a video posted on the official Cardano (ADA) forum.

As covered by U.Today Crypto News, Cardano (ADA) is going to launch the Shelley mainnet in a few weeks. Currently, the process of development is going through the public testing stage after a successful ITN testnet and friends&family testnet.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)