Cardano $0.336059It plans to greatly increase transaction efficiency with the implementation of a new consensus algorithm called Leios. If the update goes as planned, it could make the blockchain network faster than Solana.
Plans to Increase Scalability While Maintaining Decentralization
Ouroboros Leios is a logical evolution of the Proof of Stake consensus mechanism called “Praos” that powers the Cardano Blockchain. The current infrastructure cannot fully utilize the network and computational resources on each node. The Leios whitepaper states:
Current variants of the Ouroboros Blockchain algorithm are limited in the efficiency they can achieve… They are limited by the nature of the data and communication dependencies within the distributed algorithm.
In short, Cardano’s current blockchain system is not as efficient as it could be. With Leios, IOHK aims to create a consensus algorithm that will greatly increase transaction speeds while maintaining the security of the existing infrastructure.
Development Works to Accelerate in the Last Quarter of 2024
Leios will also include modern features like “tiered transaction fees” and “faster chain syncing.” Cardano founder Charles Hoskinson believes Leios can make the network faster than Solana without sacrificing decentralization. “Rust node does not offer new differentiating features to users. Leios makes us faster than Solana without losing decentralization…” Charles Hoskinson said in a social media post.
However, despite this statement, Hoskinson faced criticism from some users, who noted that they had not seen any signs of progress since Leios was announced in 2022. User Rizza wrote:
As far as I know, no one is building Leios; it should have been a priority and happened years ago. An open source paper means nothing unless it is implemented and implemented.
Hoskinson responded to these claims, stating that development work will accelerate in the last quarter of 2024, saying, “We see, wrong. There is a prototype team led by IOG that is actively working on the design of Leios. Efforts will increase significantly in the next quarter after Peras finishes the CIP.”
Despite the complexity of implementing Leios, Hoskinson and his team say that multiple companies will be involved in making the update happen. If Cardano can outpace Solana with Leios, it could have a positive impact on ADA’s value.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
