An announcement covering the Proof-of-Stake (PoS) Shelley upgrade is the main reason why Cardano jumps to $0.086 as we speak. The price of the ADA cryptocurrency is now viral in the latest cryptocurrencies news after Charles Hoskinson (the CEO) announced the roadmap for the Shelley protocol upgrade for the Cardano network.
As we can see from the charts now, the price of Cardano (ADA) has increased by 60% in the week following the co-founder Hoskinson revealing the roadmap for the upgrade in a YouTube podcast along with Lark Davis, known as Cryptolark.
Shelley will see the network being upgraded from a centralized network to a distributed one through the protocol upgrade that is expected to be completed by July 7, viewers were told. This comes in conjunction with the details about the staking rewards which are another popular topic in the Cardano news these days.
“This is like Ripple changing its consensus protocol […] No cryptocurrency has really done this to this scale after they’ve rolled out,” Hoskinson said, noting that this is the biggest change in protocols from any blockchain project.
Now that the launch date is less than a month away, the price of Cardano (ADA) has seen significant increases – going from $0.055 to $0.088 and the daily trading volume also increased by more than fourfold.
The fact that Cardano jumps to $0.086 now is actually a retracement – ADA managed to secure $0.088 levels before a drop this morning which affected the entire market. Anyways, the daily volume is increasing which is a potential factor that would bring more gains.
Over the past two years, two teams of developers from IOHK (the parent company of Cardano) have been developing two different versions of the staking protocol. They include:
- a Byron-derived approach (which is currently live), and
- a “Haskell” based Shelley system
Hoskinson announced that Cardano may transition to the Shelley protocol by early July, with better Proof-of-Stake features. “The current protocol, Byron, has been out for about 2 years now,” he said.
Currently, the reason why Cardano jumps to higher grounds is the Shelley Incentivized Testnet (ITN) which is doing the final tests before its launch. The ecosystem maturity has resulted in a big number of supporters being in the loop with the project’s development – there are around 1,200 node operators on ITN.
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