Cardano finally rolled out the public testing phase for its Shelley upgrade yesterday as the transition from the Byron era to the Shelley era ramped up.
IOHK, the company behind Cardano, claim the upgrade is the first step in transforming Cardano into a fully decentralized proof-of-stake (PoS) network.
The upgrade will introduce a reward system for holders of ADA and pay any user wanting to stake the token.
A spokesperson for IOHK said, ‘The Shelley public testnet will open up so any operator that wants to set up a Cardano stake pool can do so, ready for staking and delegation on mainnet later this summer.’
What is Shelley?
It’s common knowledge that Cardano is rolling out the Shelley testnet this month. Hence, the news yesterday came as no surprise, but what is Shelley and how will it affect the Cardano network?
Shelley is the second of the five eras of Cardano’s development. These eras and the specific capabilities and functionality they deliver facilitate the development of ensuring Cardano becomes a fully decentralized, PoS network.
Shelley will introduce Cardano’s network decentralization and is by far the most significant milestone in the network’s history.
The Shelley upgrade will introduce a PoS model and see it become a decentralized network run by the community.
As the Shelley upgrade evolves and the majority of nodes run by network participants, Cardano will also enjoy greater security.
Once Shelley is fully operational, Cardano expects ‘at least 100 staking pools to be partaking in the staking reward system,.
This makes the network at least 50-100 times more decentralized than any other blockchain.’
Once Shelley fully launches it will form the foundations of the network. And the transition to the next era ‘Goguen will introduce smart contract capability to Cardano.
What Next For Cardano?
The news of the upgrade came as no surprise to the community. IOHK’s announced last month that June would see the evolution from Byron to Shelley eras.
And there are more significant dates to look out for, especially June 23rd, which will see the Combinator hard fork take place.
The idea behind the hard fork is so Cardano will have something that resembles the mainnet on Shelley. As a result, they can fully test everything that works on the mainnet.
If this all runs smoothly, Cardano will release the Shelley client on June 30th and will be available for anyone to download.
And a few days after the mainnet hard fork, the Shelley Incentivized Testnet (ITN) rewards will be available on mainnet to anyone who participated in it.
It seems like the big news for Cardano keeps coming, and on time. The bearish years of 2018 and most of 2019 weren’t easy for many hodlers. However, the hodl community is now being rewarded for their faith.
Shelley was expected this year, but as with so many other blockchain delays, some might have doubted IOHK.
But the team is delivering and on time, too. The Shelley testnet will begin the process of a transition to a proof of stake consensus. This will ultimately lay the foundations for smart contracts and scale. And with the bull season nearing, it could turn out to be a good year for the community.
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Author: Tommy Limpitlaw