- Cardano (ADA) preparing for the mainnet release of Mithril, a stake-based signature scheme and protocol.
- Mithril promises to enhance the speed and efficiency of nodes’, making the Cardano blockchain more efficient.
- Cardano (ADA) daily price chart indicates a bearish trend,
In a highly anticipated move, IO Global (IOG), the tech firm behind Cardano’s research, is gearing up for the mainnet release of Mithril, a stake-based signature scheme and protocol aimed at overcoming major challenges in blockchain applications.
In August 2022, the team released Mithril’s proof of concept and officially unveiled it in December. The project is now on the brink of making a significant impact on the Cardano network.
Mithril promises to significantly enhance the speed and efficiency of nodes’ syncing times, paving the way for a more streamlined and efficient Cardano blockchain. Additionally, the protocol’s focus on security and decentralized decision-making empowers users to take full control of their data and transactions.
Cardano as a two-story building. Where the first floor houses the cryptocurrency ADA and records transactions (Cardano Settlement Layer – CSL). The second floor hosts smart contracts and computational processes (Cardano Computation Layer – CCL), Mithril emerges as a powerful tool that bolsters the capabilities of the entire Cardano ecosystem.
Cardano’s ADA Responses
However, despite the impending mainnet release and the promising advancements Mithril brings, the native token ADA’s price has not reacted as expected. According to CoinMarketCap, ADA has experienced a decline of over 2.6% in the last 24 hours. At the time of writing, ADA traded at $0.3066 with a 24 hours trading volume of $203 million, soared over 13%.
Further, Cardano’s daily price chart indicates a bearish trend, with the current price remaining below the 50-day exponential moving average (50 EMA). Additionally, the daily Relative Strength Index (RSI) shows that the cryptocurrency is nearly in oversold state.
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