The latest Cardano news bring the topic of the incentivized testnet of Shelley, which is the next iteration of the Cardano blockchain – and how it is set to roll out this November. As the updates point, users of the incentivized testnet named Cardano Shelley will be able to earn real ADA rewards from staking that will be moved to the mainnet once the update officially comes to play.
IOHK has finally released more details about the Cardano Shelley update in an official blog post. The ambitious research-oriented blockchain has frequently been on the receiving end of harsh criticism due to its slow development process. However, it seems to have picked up the pace after celebrating its second birthday earlier in October this year.
What also happened earlier this year was the testnet launch for Cardano Shelley that the company launched. This marked the start of a new era where the Cardano blockchain will focus on staking through a new and fully incentivized version.
Dynal Patel, who is the senior manager at the firm, spoke about the Cardano Shelley incentivized testnet and how it will enable all ADA (ADA) holders to earn real ADA rewards. In the blog post, he wrote:
“This marks an acceleration in the Shelley testnet, and in Cardano’s development.”
Patel further explained that the company decided to launch an incentivized testnet so that it can ensure that Ouroboros runs smoothly. For those of you who don’t know, Ouroboros is an advanced proof-of-stake (PoS) protocol which the company is currently working on.
Still, the complexity of such a protocol requires “stable and robust foundations” as Patel said. This is why IOHK chose to implement the Cardano Shelley update in an incentivized testnet at first. As they announced, the testnet will enable IOHK to see how Cardano’s incentive mechanism operates in a real-world environment.
What’s also great is that the incentivized testnet will start with a snapshot of all the ADA balances that are held across the mainnet. Any user who holds or transfers their ADA to one or several approved wallets at the time of the snapshot can participate in the testnet.
IOHK Established Cardano Research Center At Wyoming University
"This is a very applied laboratory, where instead of doing peer theory, we're actually building real-life things and writing real software that will enter production very quickly.’’Hoskinson attended a ceremony that marked the opening of the research lab at UW’s main campus in Laramie back on Friday. The butterfly logo of IOHK will be added to the research lab and can be found at the center for IOHK’s future work with the traceability platform of BeefChain. As part of the collaboration, IOHK provided a $500,000 donation to ADA in order to fund the research and development into the new blockchain applications including new tools for traceability and supply chain management. Wyoming is expected to match the dollar value of the grant which means that UW will get $1 million worth of initial funding for the new blockchain facility according to the university spokesperson. The university will also contribute more funds as per the UW acting president Neal Theobald:
"The University of Wyoming is proud to be at the forefront of blockchain research and education, and we are grateful for this significant financial contribution from IOHK. This support will help us continue to move forward in a very exciting and promising field of innovation and discovery."Wyoming is a very attractive destination for the US-based crypto companies that want to take the crypto-friendly legislation of the state that formally recognized digital assets and provides financial services to companies:
"Our hope is to have a very substantial presence in Wyoming and write a lot of very good software there.’’
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