Charles Hoskinson provides a concrete date for the next evolutionary stage of Cardano. The ADA price expresses its appreciation with strong growth.
After three years of development, Shelley is now apparently about to be released. Cardano CEO Charles Hoskinson presented the updated roadmap for the update on 28th. The Cardano price reacts promptly.
If everything goes according to plan, Shelley’s code base will be ready by June 30th. As a possible alternate date, IHOK, one of the three organizations behind the crypto project, indicates July 7th for the release of the Shelley code. On July 29th, the Shelley era is scheduled to begin for the Cardano network. A hard fork is planned for the transition.
Prospect of ADA staking causes Cardano’s price to explode
The announcement has caused the price of the platform’s own cryptocurrencies ADA to explode: Cardanos Prices rose by 15% compared to the previous day, when the Cardano-Coin was trading at 0.064 US-Dollar. No wonder: With Shelley, ADA’s staking in Cardano Mainnet becomes possible for the first time. The staking enables network participants to put aside a portion of their tokens as a security deposit to participate in network governance and transaction confirmation. Previously, this was only possible for Cardano participants in the incentive Shelley Testnet.
I am really proud of all of them. It’s been a long time coming and it’s been a difficult year because we had to change the tyres while the car was running […] What we’re creating is basically the next operating system in the world,“ Charles Hoskinson praises his team in a podcast on the Shelley Update.
Shelley marks an important step in the decentralization of the network. In the „Byron“ era, which is now drawing to a close, IOHK still controls all Validator Nodes in the network. With Shelley, control is to be gradually transferred to the network.
Shelley decentralization will enable many Blockchain-based applications for Cardano, especially in developing countries where access to banking and financial services has been largely lacking. The system will also support energy trading, healthcare and royalties in art and music, as well as more representative democracy and voting models.
quotes Aparna Jue, Product Director at IOHK.
Race against Ethereum
However, Cardano is not the only smart contract platform that is facing an important update. Industry leader Ethereum is also about to enter its next evolutionary stage. A few more winters will pass before the final version of Ethereum 2.0 is released. The switch to Proof of Stake, which many ETH-Hodlers are eagerly awaiting, is to take place this year. It was only at the end of April that the Testnet Schlesi v.0.11 for Ethereum 2.0 went online. Phase 0 of the switch to Ethereum 2.0 is therefore within reach.
Now it remains to be seen whether Ethereum can defend its advantage as a first mover among the smart contract platforms against Cardano, Tezos and other contenders for the throne.