In Cardano (ADA) the value has increased by about 50% since May 25th. This recent increase in value is due to the fact that the project’s co-founder, Charles Hoskinson, unveiled the roadmap for Cardano’s much-watched “Shelley” update. via a YouTube podcast hosted by cryptocurrency expert Lark Davis, also known as Cryptolark.
As part of the above update The Cardano ecosystem changes from a central network to a distributed network. Regarding the matter, Hoskinson said, “This is as if Ripple had changed his protocol of consensus. […] No cryptocurrency has really done this on this scale after launch. “
In recent years, several development teams working for Input Output HK, the main body overseeing Cardano’s activities, commonly known as IOHK, have focused their efforts on developing two unique versions of the project’s stakeholder protocol: a Byron-derived approach that is currently active, and a “Haskell” based Shelley system. In Hoskinson’s own words: Shelley’s transition is expected to be completed in the first week of July.
Bakyt Azimkanov, director of global communications and marketing at the Cardano Foundation, told Cointelegraph that the Cardano team has switched to the code base transition from Byron to Shelley protocol after the recent Byron restart. He added that the process will be carried out in two phases: Testnet 1 for friends and family (about 20 high-performance task forces, ie pioneers) and Testnet 2 for the general public.
“Shelley is developed with a guarantee, for which we have to use a comprehensive test approach. The protocol will serve as a springboard for 21st century transactions. “
What is Shelley?
Cardano’s team told Cointelegraph that Shelley is basically one of the five development phases associated with the project. In this sense, Shelley will try to build on the solid foundation of “Byron” and thereby create the conditions for future epochs and functions.. As mentioned above, the ultimate goal of this latest update is to make the Cardano ecosystem fully autonomous by decentralizing the platform’s internal operations.
As to how Shelley will keep its promise of decentralization, The team hopes that people with ADAs can participate in the Cardano ecosystem regardless of how much they have due to the existing proof of stake system used by the currency. Furthermore, By delegating their participation, token holders have full freedom to join and manage the network.
In addition, the update enables ADA holders to join and form membership groups. It also provides financial incentives for stakeholders to follow the protocol and set up the infrastructure needed to keep the nodes running smoothly and seamlessly. On this topic Azimkanov stated:
“”Key benefits Shelley will bring include: decentralization, energy efficiency, more practical and functional applications for users, proven consensus, verifiable randomness, hard fork combiner, multiple signature, and more.“”
Shelley’s key promise
With the release of Shelley, Cardano’s native consensus algorithm is updated to “Ouroboros Praos”. The Ouroboros family of protocols was developed using a series of peer review studies conducted by IOHK in collaboration with the University of Edinburgh’s Blockchain Technology Laboratory. It should also be noted that Ouroboros Praos is built on the basis of security and scalability established by the “Ouroboros Classic” protocol used during the Byron era.
In addition, through the use of Shelley, the Cardano development team claims that Your project can significantly reduce Cardano’s global energy consumption rate, especially compared to blockchain systems that are based on proof-of-work. This in turn minimizes the carbon footprint of its users and the entire system, ensuring that Cardano remains sustainable in the long term. Furthermore, In the event that one of Cardano’s servers is compromised, the update makes hackers almost impossible to rewrite past blocks or rewrite a wrong history, ensuring the immutability of their native blockchain.
At the end Ouroboros Praos will ensure that the blocks within the Cardano ecosystem are created by elected leaders who are chosen at random. By using this system, Cardano strives for greater decentralization and thus a higher level of security and solidity.
Not only that, but due to the private nature of Ouroboros Praos’ selection process, leaders remain unknown until their turn to take control, making it difficult for criminals to determine who to attack. After sharing his views on Cardano’s long-awaited protocol update, David Waslen, co-founder and CEO of HedgeTrade, a cryptocurrency investment platform, said to Cointelegraph:
The week after Hoskinson announced Shelley’s potential release date, the ADA price rose rapidly from $ 0.052 to $ 0.088, peaking almost 70% of its high. In addition, the daily trading volume of the coin has quadrupled in the same time window.
However, the top 10 alternative currencies have seen a slight decline since June 4, with the currency falling around 6% in the past two weeks.
Cardano price chart as announced on May 25th. Source: Coin360.com
Optimistic with Cardano
Only two weeks after the opening of the Shelley test network for ADA stakeholder operators IOHK display the launch of “Daedalus”, a lightweight Cardano wallet designed primarily for testing purposes. It is touted as the first of many versions of Daedalus that are fully compatible with Cardano’s Shelly (Haskell) test network.
From a technical point of view, the launch of the wallet mentioned above offers users a number of basic functions, e.g. These include creating, deleting and restoring Shelley wallets and transactions within the Cardano ecosystem.
In addition, according to a recently published bulletin, the total number of investment pools operating in the Cardano network has already exceeded 200. Although some participants may have created more than one group, this is a representative of the company said: “Seeing this number is already proof of the competence and commitment of the Cardano community.”
June 11th, IOHK announced that it has become part of the Hyperledger Association, an open source community that aims to promote blockchain-based innovations.. According to a representative, this recent collaboration will not only dramatically improve Cardano’s market visibility, but will also help drive the global rollout of blockchain business solutions.
Finally, in early June, Emurgo, a blockchain company to promote Cardano’s global rollout, announced that it would partner with Ergo, a PoW protocol that provides financial contracts to jointly explore the area of offerings. of stable and financial services applications. Under the agreement, Emurgo and Ergo are reportedly looking to develop a range of decentralized niche financial solutions that will lead Cardano to a completely new investor segment.