Shelley – means decentralization. This describes the next stage in the development of the Cardano network. The first step was – Byron, and he designated – the creation of a network. It is noteworthy that the announcement of the transition to the Shelley era occurred precisely at the peak of the popularity of DeFi.
Shelley is the second phase, or as the Cardano team calls it, the era of the project, which involves the introduction of a delegation and incentive system, the introduction of a reward system to stimulate steak pools, and introduce it into the community. Given the fact that Cardano is a POS network, users need to set their ADA stake to participate in the network. Painstakingly designed using game theory and the latest network research with participation testing, the delegation and incentive scheme will and will encourage users to delegate their share to the steak pools – permanent network nodes operated by the community – and will be rewarded for participating in the network.
Charles Hoskinson, the creator of Cardano, recently announced Shelley’s launch at the end of last month, but this is not the first time he has announced this update, and each time after such an announcement, Cardano’s price has skyrocketed. In the previous announcement in August last year, when Hoskinson announced the launch of the Shelley update in September 2019, the launch still did not take place.
At the moment, the Shelley test-net is already available, and according to the developers, a hard fork is expected at the end of July this year. A new Daedalus wallet is already available on the Cardano Shelley test-net site, however, from the information on the site, it follows that the wallet can only be used for testing and may contain errors.
Plan for the transition from the Byron phase to Shelley
The developers assure that the Shelley update will also significantly reduce the power consumption of Cardano, and it is also expected that the update will reduce to 0 the possibility of rewriting previous blocks or entering false information in the history of blocks.
After the announcement by Hoskinson about the launch of the update on May 25, 2020, in an interview on Lark Davis’s YouTube channel, the price of the Cardano token literally soared. In June, the ADA / USD pair gained 13.29%, and in July a record for this year + 54.21%.
In general, the growth of Cardano is justified by the popularization of DeFi, after a successful hard fork, the price of the token is likely to continue to climb towards the high of July 2018 – $ 0.1952, and above this level, jump towards the high of May 2018 – $ 0.3882.
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