- Cardano, the eighth-largest cryptocurrency by market capitalization, reached a significant milestone by recording its 10 millionth block.
- The milestone was confirmed on March 1st, 2024, following an announcement on February 29th, 2024, by a Cardano user, Stakewithpride.
- Cardano’s unique features, including its use of the Unspent Transaction Output (UTXO) model and the Ouroboros consensus protocol, contribute to its distinctiveness in the blockchain space.
- The Alonzo upgrade enhances Cardano’s functionality, enabling efficient handling of multi-assets and smart contracts.
- The achievement underscores Cardano’s commitment to advancement and innovation, as evidenced by its consistent growth and technological improvements.
Cardano, positioned as the eighth-largest cryptocurrency globally by market capitalization, recently marked a significant milestone in its journey—a landmark achievement of recording its 10 millionth block. The announcement of this historical event emerged on February 29th, 2024, through a tweet by a Cardano user known as Stakewithpride. Subsequently, on March 1st, 2024, the Cardano explorer, Adastat, officially confirmed the count of Cardano network’s blocks to be 10,000,224, signifying a pivotal moment in the platform’s evolution.
Distinctive Features and Technological Advancements
Distinguishing itself from other blockchains, Cardano employs the Unspent Transaction Output (UTXO) model, a departure from the account-based models utilized by networks such as Ethereum. The integration of the Extended Unspent Transaction Output (EUTXO) mechanism with the Alonzo upgrade has significantly enhanced Cardano’s functionality, particularly in the efficient management of multi-assets and smart contracts. This technological leap underscores Cardano’s unwavering commitment to continuous improvement and innovation, as evidenced by the accumulation of 10 million blocks within its network.
The Role of Ouroboros Consensus Protocol
At its core, Cardano operates on the Ouroboros consensus protocol, a pioneering proof-of-stake mechanism supported by rigorous peer-reviewed research. This protocol plays a crucial role in ensuring the security and efficiency of the network by determining the stakeholders or stake pools responsible for generating new blocks based on their stake in the network. The successful attainment of the 10 million blocks milestone serves as a testament to the robustness and consistency of the Ouroboros protocol, reaffirming Cardano’s position as a trailblazer in the blockchain domain.