Cardano founder Charles Hoskinson announced that the mainnet has transitioned to the updated Shelley version. After the hard fork on July 30 at 00:44 MSK, staking became available to all participants in the community.
We have reached Orbit. Shelley Hard Fork is Successful. When Shelley? Now!!!!!!!!!! Shelley has fully launched https://t.co/ckuiVJfqnZ pic.twitter.com/jPYG7f5FOq
— Charles Hoskinson (@IOHK_Charles) July 29, 2020
“This is a colossal achievement. We now look forward to implementing the next stages of Cardano’s Voltaire and Goguen roadmap. They will enable the deployment of robust governance mechanisms and smart contracts,” said Aparna Ju, IOHK’s product director, during a crowdcast with the community.
Hoskinson expressed confidence that within a year hundreds of assets and decentralized applications will be deployed on the Cardano blockchain.
The Shelley launch was preceded by testing staking with real rewards on a testnet, whose genesis block was formed on April 27. During this period, developers worked on refining the software.
After the hard fork, users gained the ability to manage a pool on behalf of other ADA holders, and to delegate coins they own so that someone else could take on this role. Such functionality is already implemented in the wallet. The first distribution of rewards will take place on August 18.
@IOHK_Charles Already created a Shelley Wallet, sent funds from the Byron Wallet AND Already Delegating! EASY! Thanks CH! pic.twitter.com/FQVfKbVGAO
— Octavio Mancilla (@Octomancoin) July 29, 2020
In IOHK’s view, the company behind the project expects that over time the number of staking pools will approach a thousand. In the Shelley description, it states that with the update Cardano will be 50-100 times more decentralized than other major blockchains. Four hours after the hard fork, the number of staking pools reached 250.
@IOHK_Charles 4 hours into the Shelley transition and it’s ALREADY one of the most decentralized(If not THE MOST) project out there! 200+ Pools! pic.twitter.com/bHHCB1d23F
— Octavio Mancilla (@Octomancoin) July 30, 2020
The news of Shelley’s launch on the mainnet did not act as a growth driver for ADA. The coin’s price over the past 24 hours fell by 3.3% at the time of writing (CoinGecko), ranking as one of the underperformers in the Top 10 by market capitalization. On July 26, ADA reached a two-year high.
Messari analysts noted that price action before staking was introduced was not remarkable. According to their chart, historically such events affected coin trends differently.
Cardano completes its Shelley hard fork as $ADA hits near 2-year high
With Shelley, @Cardano:
+ transitions from a federated network to a community run protocol
+ introduces its Proof-of-stake layer pic.twitter.com/FBmLQ3DkrD
— Messari (@MessariCrypto) July 29, 2020
Cardano founder Charles Hoskinson has argued that, thanks to greater decentralization and the reliable Haskell-based language on which the Ouroboros protocol underpins the network, Cardano will outperform Bitcoin and Ethereum.
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