Victor Ugochukwu · Dec 14, 2020 . 5min read
Cardano now Decentralized with Successful Shelley Hardfork
With Shelley Hardfork, Cardano is now a decentralized network allowing staking. It will also be supporting smart contract capabilities in the near coming months.
By Victor Ugochukwu · Jul 30, 2020 . 6min read
July 29th marks an epoch achievement day for the Cardano community towards decentralization as it Shelley hardfork happened successfully.
CryptoDose earlier reported on the initiation of the Shelley hardfork by IOHK ramping up efforts towards a decentralized Cardano.
The Cardano Foundation Team through a forum post, details the efforts that resulted in this milestone. Shelley hardfork involves years of behind the scenes work with almost 80 peer-reviewed research papers and multiple testnet iterations. In fact, Santiments, a cryptocurrency analytics firm, classified Cardano as one of the most developed cryptocurrency projects of 2019.
With this, Cardano is now a decentralized network allowing staking. It will also be supporting smart contract capabilities in the near coming months.
An excited Charles Hoskinson, founder of Cardano in a YouTube video was happy to announce the end of the Byron era with the start of Shelley.
What does Shelley mean to stakeholders?
Developers can now install and start running nodes. As soon as the blockchain is imbued with smart contract capabilities, they can now begin deploying unique apps.
Cardano aims to be at least 50–100 times more decentralized than other leading blockchain networks, with up to 1,000 staking pools. These should help in consensus and governance of the network. Shelley makes staking possible on Cardano through stake pools on the mainnet. ADA holders are able to delegate their stake to a pool, earning passive rewards for taking part in the consensus of the Cardano blockchain. Hence, Cardano is a DPoS network like EOS and TRON.
A tweet put out by IOHK, the body behind Cardano blockchain development headed by Charles Hoskinson states that over 300 stake pools have been activated already on the network.
ADA holders are particularly of interest in this update. As a holder interested in delegating your stake, you can start by checking the Staking Rewards Calculator on Cardano.org to get an estimate of your yearly delegation rewards.
Interestingly, while Cardano has successfully achieved the Shelley hardfork, Ethereum is celebrating its five years of creation. Will Cardano be able to solve the scalability issue the smart contract developers and app users currently experience on Ethereum? It’s still too early to tell.