Cardano Success: Shelley Upgrade Produces First Block
Cardano was recently in the spotlight when Charles Hoskinson explained why his project is a more meaningful one compared to Satoshi Nakamoto’s Bitcoin.
Not too long ago, he said that he and his team are taking the torch that’s been lit by Bitcoin creator Satoshi Nakamoto in order to bring the crypto industry to new heights.
In a UToday interview, he explained that IOHK and the team of researchers are now working on creating the future of crypto.
Shelley produces its first block
Now, it’s been reported that the team behind the smart contract platform Cardano said that the much-awaited crypto update Shelley produced its very first block.
Shelley is designed to decentralize Cardaano even more, and the main goal is to transform it into a fully decentralized PoS network.
This model is allowing participants who hold Cardano’s native crypto ADA to help power the network and also earn rewards.
Charles Hoskinson made the announcement on Twitter.
Meanwhile in Cardano land, a Wizard arrives precisely when he means to! pic.twitter.com/rNVOtWlNaz
— Charles Hoskinson (@IOHK_Charles) April 27, 2020
Shelley is on its way to being fully up and running
IOHK is really hopeful regarding Shelley and says that when it’s fully up and running, Cardano will be the most decentralized blockchain in existence.
“Come the end of the Shelley era, we expect Cardano to be 50-100 times more decentralized than other large blockchain networks, with the incentives scheme designed to reach equilibrium around 1,000 stake pools,” according to the official notes.
The same notes continue and explain that the current important blockchain networks are controlled by less than 10 mining pools – this exposes them to the massive risk of becoming compromised by malicious behavior.
Cardano, on the otheer hand, is able to avoid this with a system that’s built to encourage and boost decentralization.
We recommend that you check out more info on Shelley in the official notes.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.