Blockchain creator Input Output Global (IOG) just unveiled Lace, Cardano’s (ADA) first light wallet that enables users to send and receive ADA, crypto and non-fungible tokens (NFTs). The developer team says the first version of the wallet dubbed Lace 1.0 is already live on the mainnet and can now be installed as a browser extension […]
The post New Cardano (ADA) Wallet Lace Launched by Input Output Global (IOG), Developer Team Promises Slew of Updates appeared first on The Daily Hodl.
An anomaly apparently caused around half of Cardano’s nodes to disconnect and restart over the weekend, with the root cause still under investigation.
Cardano stake pool operators (SPO) and users have been reporting at least half of the nodes for the network briefly went offline over the weekend.
According to a Jan. 22 post shared on the Telegram SPO for Input Output Global, the engineering and research in fintech behind the Cardano blockchain, an anomaly caused 50% of Cardano nodes to disconnect and restart.
Last night during the anomaly on the #Cardano network, the entire network did not go down. There was a brief period of degradation. Most nodes impacted had gracefully recovered. No network restart was required. pic.twitter.com/FupQXk2otV
— Rick McCracken DIGI (@RichardMcCrackn) January 22, 2023
"This appears to have been triggered by a transient anomaly causing two reactions in the node, some disconnected from a peer, others threw an exception and restarted," the post read while explaining the sudden disruption.
Despite a momentary degradation, the Cardano network recovered without external intervention. As explained in the post, "such transient issues" were considered in the node design and consensus and "the systems behaved exactly as expected."
During the anomaly, which happened between block 8300569 and 8300570, block production reportedly kept going but was slowed for a few minutes and the "impact was low, akin to the delays that occur during normal operations."
"Most nodes automatically recovered, depending on the SPO of choice."
At the time of writing, the root cause of the anomaly and resulting node disconnections and restarts are still under investigation.
“We’re now investigating the root cause for this anomalous behavior and implementing further logging measures alongside our regular monitoring procedures,” stated the official announcement.
Related: Cardano to launch new algorithmic stablecoin in 2023
Tom Stokes, the co-founder of Node Shark and a Cardano SPO, reported in a Jan. 22 post that more than half of the listed nodes were affected.
He also shared a chart showing where the network sync fell from 100% to slightly above 40% for over 300 reporting nodes.
A few hours ago over half of all #Cardano nodes went offline. This is why decentralization matters. pic.twitter.com/NXDVyKy8ep
— Tom Stokes (@eUTxO_pro) January 22, 2023
According to Stokes chart, the network sync recovered back to around 87% after the drop but did not immediately return to its previous level at 100%.
Another SPO reported similar issues to Stoke in a Jan. 22 post, but declared "Some SPOs saw no impact."
"Others had relays and BPs restart. SPOs, Devs, and IOG are in Discord debugging atm. No root cause yet," they said.
The toolkit will allow for creators of sidechains to choose their own consensus mechanism and other application-specific features, whilst inheriting the security of the main chain.
Input Output Global (IOG) — the team behind the Cardano ecosystem — will release a software toolkit in late Jan. 2023 that will enable developers to deploy custom-built sidechains on Cardano aimed at improving the ecosystem.
The news was announced by IOHK — a blockchain engineering company founded by Charles Hoskinson and now known as IOG — on Jan.12, which also attached the official technical documentation for the sidechain toolkit.
⛓️ The #Cardano sidechain toolkit was previewed at #IOScotFest, and we’re happy to share the first iteration is out now.
— Input Output (@InputOutputHK) January 12, 2023
Here’s the lowdown on this exciting new project! https://t.co/Ny9tQuJh5K
IOG developers have already used the toolkit to construct an Ethereum Virtual Machine (EVM)-compatible sidechain public testnet as a “proof of concept,” and when the audit is complete, anyone will be able to deploy decentralized applications, create smart contracts and move tokens between different testing chains.
The toolkit will also enable the creators of the sidechains to choose their own consensus mechanism in addition to other application-specific features.
A sidechain is an independent blockchain that works adjacent to the parent blockchain, often referred to as the mainnet. Sidechains often attempt to add scalability to the mainnet which often prioritizes decentralization and security.
IOG hopes the sidechain development will “pave the way for mass adoption” on the Cardano ecosystem and “hopes to see a family of Cardano sidechains and partner chains emerging” in the near future.
Among the “partner chains” Hoskinson would like to see on Cardano is Solana, having recently stated on a Dec. 10 Ask Me Anything call that Cardano could leverage Solana’s network speed whilst Solana benefits from Cardano’s infrastructure and security.
The news has Cardano fans pumped, with one member of the community hoping that Cardano experiences a similar price pump similar to that of Ethereum 2020-2021 when many layer-2 sidechains and utility tokens were rolled out.
2023 is the Year of #Cardano sidechains
— Cardano Hieronymus (@CardanoHumpback) January 12, 2023
- Midnight privacy sidechain
- Sidechains Toolkit EVM compatible
- Milkomeda, first Cardano sidechain
- ...more to come
Do you remember what happened when people started to build sidechains/tokens on Ethereum?
Take that and make it x10. https://t.co/n8KWCX2SVh
Another member of the Cardano fanbase called the toolkit deployment a “great move” that it will “spread the usage of Sidechains for Cardano” in the months to come:
Great move by @InputOutputHK I believe this help spread the usage of Sidechains for Cardano which is a good strategy if it evolves to use mithril / state proofs
— nicoarq (@NicoArqueros) January 12, 2023
As a core contributor to @Milkomeda_com we will continue to lead and hopefully support others to join https://t.co/auqp2TkEg1
However, IOG noted that the toolkit won’t serve as a “complete solution.”
“There are some known areas for improvement, like the bridge experience, SPO rewards mechanism and the security model. All these areas will be worked on with the community as we go – carefully and steadily – collaborating for feedback, thoughts and recommendations.”
In addition to sidechain improvements, the protocol will soon introduce parallel accounting styles as part of its "Basho phase" to improve interoperability in the Cardano ecosystem, according to the roadmap.
Related: Cardano to launch new algorithmic stablecoin in 2023
This isn’t the first sidechain solution that IOG has integrated on Cardano too, having already built a more basic EVM-compatible sidechain in July 2022 to get the sidechain development rolling.
Cardano also underwent its most significant hard fork — the Vasil upgrade — in September 2022, which has been said to make smart contract deployment more efficient and enable decentralized applications to run at lower costs.
The price of Cardano’s token, ADA is currently $0.3297, up 19.11% over the past week.
Stanford University could soon come up with cutting-edge blockchain innovation through a new $4.5 million partnership with Cardano (ADA) developer Input Output Global (IOG). The company will fund a so-called Blockchain Research Hub at the university over three years, with an eight-person steering committee, comprised of six Stanford professors and two IOG officials, determining the […]
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Pezesha, a Kenyan fintech focused on providing bridging finance to small and medium-sized enterprises, recently raised $11 million in pre-Series A debt-equity funding round. The Women’s World Banking Capital Partners II led the round in which the Cardano blockchain builder Input Output Global also participated. Pezesha Solving Working Capital Problems for MSMEs A Kenya-based fintech, […]
Input Output Global (IOG), the blockchain company behind Cardano (ADA) , is collaborating with a non-fungible token (NFT) ecosystem to drive NFT adoption. NMKR, which claims to be “the number one NFT minting and payment infrastructure on Cardano,” has built a Minting API for a new NFT ecosystem, according to a new press release from […]
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Following the recently published bitcoin price prediction report issued by the product comparison web portal finder.com, the site’s researchers polled 53 financial technology (fintech) specialists in order to forecast the future value of cardano (ADA). According to the survey’s participants, cardano is expected to end the year at $0.63 per unit and 51% of the […]