Cardano’s Testnet success only shows how decentralization should work and according to Charles Hoskinson tweeted to update the community on progress with the Shelley incentivized testnet and it seems that they fixed all minor issues and also that the staking process has been successful so let’s read more about it in today’s Cardano ADA news.
The co-founder Charles Hoskinson tweeted about the developments of the Cardano’s Testnet and said that there’s more work required to get rid of the minor issues but overall, he is pleased with the progress. Since the start of November, when the ADA balance snapshot happened, the testnet progressed through a few stages and the most recent one was the release of the Rewards Wallet back on Monday this week.
Since then, the ADA token holders who participated in the testnet, could delegate their tokens with the choice of stake pool operators and the reward was eventually more ADA which will become spendable after the finish of the testnet. The testnet will integrate with the mainnet and will transition into the Cardano blockchain to a decentralized network. The key phase of the Shelley phase is decentralization and the developments will boost the Cardano network a step forward as well.
By rewarding the delegation and helping the third-party operator pools and developers, the team hopes to make Cardano the most decentralized network out there. There are about 466 staking pools that are taking part in the testnet but Cardano aims to attract more than 1000 operators into the network:
“We expect Cardano to be 50-100 times more decentralized than other large blockchain networks, with the incentives scheme designed to reach equilibrium around 1,000 stake pools.”
The Bitcoin network operates in less than 20 large mining pools 81 percent of which are concentrated in China. This has serious implications for Bitcoin since people wonder whether the benchmark cryptocurrency is truly decentralized. Bonpay pointed out some people and corporations that mine Bitcoin which are able to do so because they take advantage of economies of scale:
“Having so much mining power centralized in one country put in doubt decentralization of Bitcoin and exposes the Bitcoin network to a worrying degree of political risk.”
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