The tenth most popular cryptocurrency, Cardano (ADA) having the market cap value of $2.162 has finally upgraded itself to specifications of Shelley. The version is targeted to bring full decentralization to the platform.
IOHK the company that has developed Shelley has revealed the critical specifications that talks about everything from design and its incentive mechanism to ledger rules. Specifications of Shelley was finally disclosed after weeks of eagerness. The new development of Cardano (ADA)will bring decentralization to the platform by conducting dominion of the ledger by using a stake of the pool on the community.
The developing company of the Cardano platform made the announcement about Shelley on 16th of April via their website. Cardano started its crypto journey as a blockchain project under the supervision of Charles Hoskinson who is coincidentally cofounder of Ethereum. On September 29th, 2017, Cardano was officially released.
The announcement about Shelley was made ahead of the Miami summit that has taken place on 17 and 18th of this month. Hoskinson has already delivered the keynotes and unveiled the new 2020 version of Cardano.
Many literary figures like Byron inspire the development of Cardano. Romantic poet Lord Byron inspires the ‘Byron’ phase of the cryptocurrency. Similarly, Shelley is inspired by Percy Bysshe Shelley, the novelist of Ozymandias. They have planned to name the upcoming version as after Joseph Goguen the computer scientist from the US as ‘Goguen.’ In the future, they will be naming a different phase after renowned personalities around the world.
IOHK has said there would be an easy shift from the Byron epoch to Shelley epoch, for that the company has created specifications for Byron era. Shelley will deliver incentives to those users who dynamically participates in POS protocol. Cardona understands that everyone does not want to run active nodes for twenty-four hours a day, and seven days a week, ADA has provided them a provision to delegate their stake in the staking pool. This is the turning point that makes Cardano different from others.
Shelley will give more protection to attacks compared to its earlier versions. The company has given importance to download the wallet from the official website to avoid phishing attacks.
The traders and users of the Cardano have welcomed the version happily. The native cryptocurrency of the network ADA is doing well since March this year. It has risen from $0.04 US dollars to $0.051. With the rise in market cap, ADA is narrowing down the gap between itself and TRX.