Cardano Rushes Towards Decentralization As Price Consolidates

Cardano rushes towards decentralization after being in the spotlight over the last few weeks as a wave of new partnerships and developments are unveiled. In the meantime, the market value of the ADA cryptocurrency continues to spike so let’s find out more in the Cardano news below.

The senior product manager at Cardano, David Desser, recently revealed in an interview that the team of ADA is set to launch the incentivized testnet for Shelley, whose testnet went live in June. Unlike the traditional testnets which are mainly closed-off sandbox environment, the incentive ones use real incentives in the form of staking and delegation rewards to increase the participation.

With Shelley’s testnet, the company will analyze how the game theory and rewards will be perceived by the users of the network. Before the process is complete, Shelley is planned to be incorporated into the Mainnet in a few phases which will pave the way for solving the centralization and proof-of-stake problem that the network is facing right now. The goal is to make the blockchain 250x more decentralized than other protocols according to Charles Hoskinson, the founder of Cardano.

As Cardano rushes towards decentralization, the company behind it, Input-Output Hong Kong, is shifting the focus towards the real-world uses of blockchain technology. The IOHK disclosed the details about the partnership with the New Balance Athletic company and now they will collaborate to develop the ‘’New Balance Realchain.’’ This will be an authentication system that will protect the authenticity of the collector’s edition shoes and will enable the users to easily access data that confirms when a certain product is authentic:

 “Bringing blockchain technology to global brands and mainstream retailers is a big step for decentralized technologies.’’

Despite the positive news that surrounds ADA and the upcoming release of the Cardano Wallet 1.7, the price of the token has been consolidating for more than a month now without clear signs of a breakout. ADA plunged more than 24 percent in September to a low of $0.035 and since then the cryptocurrency has been consolidating mostly between the $0.037 and $0.043 price range. Breaking below this support, ADA could go to $0.028.