Cardano Shelley hard fork
IOHK, the leading blockchain company developing Cardano, announced that from June 30 to July 7, it will begin implementing Cardano Shelley functionality.
Shelley, one of five eras on the Cardano development roadmap, will provide decentralized block production through a combination of mechanisms, including staking delegation. So, any person who owns ADA coins can delegate cryptocurrency to stake and receive a reward, and thus be motivated to maintain the functionality of the network. Shelley will also include a steak pool: ADA owners with the necessary knowledge can manage staking and receive cash rewards.
The Shelley update should add a staking system and turn Cardano into a truly decentralized blockchain built on the Proof-of-Stake consensus. IOHK claims that after launching the Shelley update, the blockchain will be 50-100 times more decentralized than other blockchain networks. The production of the first unit was reported on Twitter by IOHK CEO Charles Hoskinson: “Meanwhile in Cardano land, a Wizard arrives precisely when he means to!”
The Shelley code release is planned on June 30 and the Shelley hard fork is expected to happen on July 29, 2020, if everything goes on track. It can be clearly seen from the tweet that Charles Hoskinson posted on May 29 saying: “When Shelley? Here you go”. In this plan you can see all the upcoming events.
Messages from the IOHK podcast at which Hoskinson announced Shelley upgrade dates did not go unnoticed by the cryptocurrency market: the Cardano price paired with the dollar went high by 15-20% (according to different analytic services).
Will the Shelley itself affect then ADA price? As usual, people are divided and have different opinions on Cardano price prediction. According to CoinDesk’s newsletter, some of them give positive predictions, like Michael Gord, CEO of GDA Capital. He said: “Cardano has very high potential in my opinion”. Others call it “Buy the rumor, sell the news” as the vice president of Secure Digital Markets, Mostafa Al-Mashita.
What do you think about the upcoming Shelley era? How will it affect the ADA price?
Please, remember: this article is not financial advice. Any investment can lead both to winning or losing. It’s always your responsibility to manage your investments.