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Cardano, the layer-1 blockchain, is taking a significant step forward in its protocol evolution with the unveiling of Ouroboros Peras. Input Output Global (IOG), the technology firm behind Cardano, disclosed this new development. The development is part of the firm’s ongoing commitment to enhancing the blockchain’s efficiency and scalability.
Details On the Ouroboros Peras
According to a post on X, Ouroboros Peras is an extension of the Ouroboros Praos protocol, which underpins Cardano’s consensus mechanism. Peras’s primary aim is to address and improve issues related to the transaction settlement horizon. In blockchain technology, the transaction settlement horizon refers to the period during which transactions are finalized and confirmed on the network.
What makes Ouroboros Peras particularly noteworthy is its integration into a new development process pioneered by IOG. This process emphasizes fast prototyping methodologies to accelerate the time between research and deployment. In the past, blockchain innovations often required lengthy periods of fundamental research before any practical applications were realized.
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As such, Ouroboros Peras’ introduction signals the beginning of a new era for Cardano, one focused on technical precision and rapid deployment. As Cardano advances, the broader cryptocurrency community is eager to see how these developments will further the platform’s growth and adoption.
Cardano Evolution and the Role of Hard Forks
On the Cardano Blockchain, the hard fork combination tool employed different protocols after a hard fork event. In 2020, Cardano launched the proof-of-stake with the “Shelley” hard fork. However, despite the new introduction, the chain retained blocks from the old Bryon network. Also, in 2021, Cardano executed another hard fork, the Mary. This was followed by the Alonzo hard fork, which facilitated the development of smart contracts on the network.
Last month, the layer-1 blockchain executed the Chang hard fork, ushering in the “Voltaire Era.” The hard fork’s execution at block 10,764,778 introduced a new on-chain governance system using Cardano’s native token, ADA. This implies that investors in ADA tokens can pick and choose representatives and vote on crucial development proposals in the ecosystem.
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Cardano Eyes Phased Implementation
The Voltaire era marks the fifth era, with previous eras being the Byron (foundation) era, Shelley (decentralization) era, Goguen (smart contracts) era, and Basho (scaling) era. Each era is usually characterized by several functionalities released in phases of multiple codes.
The Chang hard fork’s first phase has gone live and ushered in the constitutional committee, which will oversee the governance transition process. The next step involves step two, which will introduce DReps. In this phase, ADA holders can delegate their voting power to an on-chain voting system by 2025, when full implementation will take off.
