Cardano’s Proof-Of Stake Upgrade Entered Public Testing

Cardano was recently in the spotlight when it’s been revealed that Charles Hoskinson unveiled the date for a big upgrade.

IOHK, the company behind Cardano, is releasing Shelley between June 30th and July 7th.

“July 7th is our backup for that candidate that we release, that you guys will download, but if everything goes without a hitch, June 30th will be the date we ship that, so there’s gonna be a week range…” he said.

He continued and explained: “These were systematically and carefully built. We waited a long time to get to this point because we wanted to have a high degree of confidence.”

A reward system for ADA hodlers

The upgrade is designed to transform Cardano into a fully decentralized proof-of-stake network.

This will be introducing a reward system for ADA holders – they can earn crypto by helping to power the network.

Hoskinson also said that the Shelley public testnet would open up so that any operator who wants to set up a Cardano stake pool can do this.  Staking and delegation on the mainnet will be ready later this summer.

The latest Cardano updates boosted ADA’s price

The online publication the Daily Hodl revealed that IOHK marketing and communications director Tim Horrison said that a group of select stake pool operators who did the initial testing of Shelley, will be mentoring and supporting new pools.

All the amazing updates about Cardano fueled a price rally for the digital asset ADA which surged from $0.052 on May 24th to its current price of
$0.078990, according to CoinMarketCap.

At the moment of writing this article, ADA is trading in the red.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

Trending news

Top Exchanges
Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

5

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

2068 Articles

Top Exchanges
Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.90

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Trending news