Cardano's developers have completed an important stage in preparing the new consensus protocol Ouroboros Leios. The project has already passed the mark of 5,700 updates, and the total volume of written code has exceeded 705,000 lines. The official launch of the test network is scheduled for June 23. Blockchain founder Charles Hoskinson admitted that the current results have surpassed his boldest expectations.
Alongside the technical successes, a strong surge in trader activity has been recorded. For example, on June 15 the daily trading volume of the ADA coin jumped to $704 million, setting a weekly high. As of now, this figure has corrected to $634 million. However, the native token itself is currently trading around $0.185, having lost about 2.2% over the day. Thus, the cryptocurrency's current value remains 94% below the all-time high of $3.09, which was recorded in September 2021.
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What is Ouroboros Leios
Leios — is a next-generation consensus protocol for Cardano that is meant to noticeably increase the network's throughput. Unlike the current Ouroboros Praos protocol, Leios introduces a new block-creation scheme that allows significantly more transactions to be processed simultaneously.
To date, the project has registered more than 5,700 updates and over 705,000 lines of code. According to Hoskinson, the scale of the work done has surpassed his boldest expectations.
"We have achieved results we could only dream of at the start of the project," — he noted.
The testnet launch on June 23 will allow Leios to operate in a real network environment for the first time. This stage will be a key proof of concept: either the system will prove itself in action, or the developers will have to refine the protocol ahead of its possible deployment to the mainnet.
Source: BeInCrypto
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