Ever since the founder of IOHK, Charles Hoskinson, issued an update on the Cardano Shelley upgrade, the price and community around ADA have adopted a bullish mood. The cryptocurrency has seen its value increase by approximately 50% since May 25.
Recently, ADA touched the $0.080 mark but today it is trading around $0.078. Still, the cryptocurrency is stable ahead of the Cardano Shelley Upgrade and the latest Cardano news showing that the founder of the network unveiled the roadmap for this new milestone.
In a YouTube podcast hosted by the popular crypto personality Lark Davis (known as Cryptolark), the upgrade is touted as one which will transition the entire ecosystem of the coin from being a centralized network to a distributed one.
In regards to this, Hoskinson said:
“This is like Ripple changing its consensus protocol. […] No cryptocurrency has really done this to this scale after they’ve rolled out.”
For those of you who are new to the cryptonews centered around the Cardano Shelley upgrade, it is worth noting that over the past few years, a couple of developer teams working for Input Output HK (the parent body which oversees Cardano’s activities referred to as IOHK) have been focusing on developing two unique versions of the project and its staking protocol.
One of them was the Byron-derived approach (which is live now), and the other one is a “Haskell” based Shelley system. In Hoskinson’s words, the new Cardano Shelley upgrade will most likely be completed by the first week of July.
“Shelley is being developed with an assurance that requires us to use a thorough testing approach. The protocol will serve as the springboard for transactions of the 21st century,” said Bakyt Azimkanov, the director of global communications and marketing for the Cardano Foundation.
Basically, the team behind the ADA cryptocurrency told the media that Shelley is one of the five development phases related to the project. It will look to build upon “Byron,” setting the stage for future eras and functionalities.
In terms of decentralization, the team is hopeful that the Cardano Shelley upgrade will ensure that individuals who own ADA, regardless of their ownings, can participate within the Cardano ecosystem because of the proof-of-stake (PoS) system which is already being used by the digital asset.
“Key benefits that Shelley will bring include: decentralization, energy efficiency, more practical and functional applications for users, provably secure consensus, verifiable random function, hard fork combinator, multi-sig, and much more,” Azimkanov concluded.
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