Binance Will Support the Cardano (ADA) Hardfork
The Cardano (ADA) cryptocurrency blockchain network will perform a scheduled upgrade on 20 Feb to introduce Ouroboros BFT, an improved consensus mechanism.
The Cardano (ADA) network will undergo a hard fork however the team called it a scheduled and managed protocol upgrade. IOHK has announced on 19 Feb that the ADA coin hard fork will be executed on Thursday at 9:44 UTC.
Binance the leading cryptocurrency exchange announced that they will support the upcoming Cardano network upgrade. The deposit and withdrawal of ADA coin will be suspended from 2020/02/20 4:00 PM (UTC).
The hardfork (network upgrade) of ADA coin will not result in any chain split and there will be no new coin or token.
What is Ouroboros BFT?
The BFT new protocol is the upgraded version of the currently active Ouroboros “Classic on Cardano Mainnet. The Ouroboros BFT is secure Proof-of-Stake (PoS) consense protocol, the original version is a question on the decentralization of the network. Currently, the list of validators is fixed which will be a problem for full distribution.
Cardano’s Shelly era will completely remove the “training wheels” and allows the community to decide the validators using staking. It is powered by Ouroboros Praos which will add some additional security features to make it harder to corrupt validators.
The team is behind its roadmap, the launch of Shelly mainnet is supposed to happen before the end of 2019 but the team only managed to launch the testnet of shelly in December 2019.
The Shelly testnet will allow Cardano (ADA) holders to start staking their coins in a safe environment and make the network stronger.
