Shelley Hardfork Initiated on Cardano Network

Subsequently, a countdown process kicked off. This update initiates the transformation of the mainnet from a federated Byron network into a decentralized Shelley network kicks off.

By · Jul 25, 2020 . 5min read

In a YouTube video, Charles Hoskinson, the founder of Cardano announces the initiation of Shelley hardfork on the network.

Subsequently, a countdown process kicked off. This update initiates the transformation of the mainnet from a federated Byron network into a decentralized Shelley network kicks off.

Cardano is a public blockchain conceived by Hoskinson who was also the co-founder of Ethereum network. As Charles puts it :

We wanted to build something that could deliver the promises that Bitcoin had back in 2009, not as an experiment but as a system that could evolve over time to meet the needs of billions of people and provide an economic identity to those billions of people

Charles Hoskinson on Shelley hardfork update

In a characteristically calm manner, Hoskinson detailed the processes ongoing to ensure a successful hardfork scheduled for July 29.

Hoskinson also pointed out that ADA staking will not start immediately on July 29. Stake pools will be able to create blocks only from August 18th. At the time of the hardfork, Cardano will initially remain with the OBFT (Ouroboros Byzantine Fault Tolerance) consensus.

This milestone is an important update for Cardano as a PoS blockchain. It took it about 5 years to get to this stage.

A forum post on Cardano explains how difficult and complex the process is. It further explains the different protocols and parameters underwent to get to this stage. Significant testing – by IOHK and our community pioneers – over the past months, after rigorous formal methods development.

The rise of PoS blockchains

The race is on for Proof-of-Stake blockchains to offer what other consensus powered networks might be lacking. Therefore Polkadot founded by Gavin Woods, another Ethereum co-founder. It has also been making news recently as it went live in May, however, debuted its mainnet only a few days back. Ethereum currently faces scaling issues and correspondingly network clogs and rising gas cost. With Serenity still miles away to be successfully implemented on Ethereum and the imminent launch of Shelley hardfork on Cardano network, really interesting times are ahead for the industry

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