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. It involves the introduction of a delegation and incentive system, and 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, delegation, and incentive scheme. Also, 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. So, each time after such an announcement, Cardano’s price has skyrocketed. In the previous announcement in August last year Hoskinson announced the launch of the Shelley update in September 2019. But the launch still did not take place.
At the moment, the Shelley test net is already available. 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.