IOHK Starts Launching Shelley, Opening $20M Cardano Fund

IOHK starts launching the latest Shelley upgrade launch at the virtual conference while also introducing Atala PRISM which is a decentralized identity system whose participants can easily access decentralized finance services as we are reading more in the latest Cardano price news.

IOHK partnered with wave Financial Group and set up a new development fund which will reach $20 million. The blockchain company run by the Cardano co-founder Charles Hoskinson, IOHK starts launching the new Shelley upgrade. The conformation today reiterated the biggest news of the week while the rollout of Shelley was scheduled for June 30. The mainnet is the public, official implementation of the blockchain network.

The entire blockchain company explained that people will use the mainnet from July 7 and now the holders of ADA can move all of their funds to a wallet that supports the latest upgrade. They will also be able to stake on the platform as well. IOHK announced the launch of Atala PRISM as well which is a new decentralized system that promises to deliver on “bank the unbanked” idea and the app for PRISM went live on the Android app store on June 30.

Atala PRISM will give the users with or without access to a bank account and will provide “self-sovereign identities” with which they will be able to access decentralized finance (DeFi) services. Decentralized identities are on the blockchain so the users are able to control their own identities and will have no trouble putting their identities into the government’s hands. IOHK said that technology is being piloted in the government of Ethiopia.

Cardano also announced the launch of the Catalyst Project which is a decentralized treasury fund for the ADA holders and with that project they will be able to propose and vote on projects that further develop the platform. The system is now in a new pilot phase which will comprise four components including a governance blockchain node, voting app, set of experiments such as Catalyst0, Catalyst1, Catalyst 2, and the governance protocol, which will determine whether the system will be feasible.

IOHK also set parameters for Cardano’s Shelley upgrade code on June 30 as the testnet remained on schedule, defining them which will determine the rewards for ADA holders and the operators of the stake pools. Based on the current ADA price and the further assumptions, IOHK expects another big return of investments on 6% or 6.5% for stake pool operators.