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.
Tomorrow, the 9th June, we’re entering a new phase for Cardano. The Shelley public testnet will open up so any operator that wants to set up a #Cardano stake pool can do so, ready for staking and delegation on mainnet later this summer #ShelleyTestnets @Cardano pic.twitter.com/XlTqht6jPg
— Input Output (@InputOutputHK) June 8, 2020
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.
At the moment of writing this article, ADA is trading in the red.
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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.