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Cardano (ADA) price up 60% after Shelley’s update of proof-of-stake platform

June 4, 2020

The price of Cardano (ADA) increased by 60% the week after the announcement by Charles Hoskinson, co-founder of the project, about a new roadmap for the update by Shelley.

Shelley’s start is July 7th

After Shelley’s launch, scheduled for July 7th of this year, The network is distributed from centralized to. Hoskinson too revealed that Changes are made on the betting rewards and the hard fork system.

east It is the biggest change that has ever been made Hoskinson notes on every blockchain project:

“It’s like Ripple changed his consensus minutes. […] No cryptocurrency has done anything like this since it started. “

Cardano (ADA) price up 60% after Shelley’s update of proof-of-stake platformCardano (ADA) price up 60% after Shelley’s update of proof-of-stake platform

After the announcement Cardano’s price rose significantly: from $ 0.055 to $ 0.088. Daily trading volume It has grown more than four times.

A difficult development

IOHK, the company that monitors the progress of the Cardano project, has developed two different versions of the layout protocol: Byron, currently used in the network, and Shelley, to be implemented in July.

The Shelley Incentivized Testnet (ITN) carries out the final tests before the start. The new protocol already supports many node managers, more than 1,200.

It was a very difficult developmentHoskinson noticed, and the team faced numerous challenges:

“I am very proud of everyone. We have been working on this project for a long time, and it was a difficult year because we had to change tires while the car was running. Basically, we are creating the next operating system in the world.”

Intense rivalry

For a few days, Cardano y Tezos (XTZ) fought to take tenth place on the CoinMarketCap chart: both currencies They have a capitalization of around two billion dollars.

On Twitter, Hoskinson compared this fight to the famous showdown between Gandalf and Balrog in The Lord of the Rings:

Tezos and Cardano do this on CMC https://t.co/jPGUUTV3zE. It’s just as entertaining to see it.

– Charles Hoskinson (@IOHK_Charles) June 2, 2020