Cardano Sets Launch Date for Shelley Update with ADA Staking Rewards, ADA Price Up 11%

UTC by Teuta Franjkovic · 3 min read
Cardano Sets Launch Date for Shelley Update with ADA Staking Rewards, ADA Price Up 11%
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Charles Hoskinson has announced the launch date for the Cardano Shelley update. The Cardano Shelley mainnet hard fork will take place on 29 July 2020, the first ADA staking rewards in the mainnet can be earned from 18 August.

The Input Output Hong Kong (IOHK) CEO Charles Hoskinson announced the launch of Shelley, the latest update for Cardano. The main intention is to start with rolling out the network between June 30 and July 7. When asked on a crowd cast update, Hoskinson offered 11 dates for the release of Shelley. According to this, the Cardano Shelley hard fork will take place on July 29th, 2020, the first staking rewards at Shelley mainnet will be available from August 18th.

He stated:

“Guys wanna know when Shelley is? Let’s tell ya. June 9, this is when it opens up to everybody. The next date we have for you is June 16, that’s when we start putting things together end-to-end. “

“If everything works without a hitch, June 30 we’re shipping Shelley,” he noted, adding that, if something goes wrong, it might get delayed to July 7. And users must update by July 20.

Cardano Shelley to Offer True Decentralization

According to a press release, Shelley-era functionality will deliver true decentralization through its advanced Ouroboros consensus algorithm and scientifically researched incentive scheme.

The Shelley Incentivised Testnet, therefore, lets its users earn real ADA, Cardano’s native currency, by just staking it. The term staking regards the process by which crypto investors stake, or lock up as collateral, crypto assets in order to help secure blockchain networks by periodically validating transactions. For their contributions to the network, stakers are periodically paid in newly minted crypto-assets and/or transaction fees Holders can operate a stake pool, staking other user’s coins on their behalf, or delegate their coins for someone else to stake.

The amount you delegate impacts the way Cardano’s proof-of-stake protocol, called, as we already mentioned, the Ouroboros protocol, decides which lucky punter gets to add the next block. If you stake more, higher chances are that it’ll be you.

On April 27, the first Shelley block was produced on a testnet with the block produced within the “friends and family” stage of Shelley’s initialization.
Hoskinson added that Cardano’s virtual summit will happen in early July.

Hoskinson also explained that technically it is possible to do the hard fork five minutes after that ship “if we really wanted to.” However, he stressed the importance of remembering that this is a living ecosystem, “there are exchanges, third party wallets like Yoroi, explorer infrastructure. One of the most important things, when you do a rollout and go from a static to a federated system to a dynamic and decentralized system, is to give your partners time to integrate properly.”

By the time of writing, the Cardano (ADA) coin price has gained 11.25% for the day jumping to $0.06 – with the majority of the growth coming in the hours following Hoskinson’s announcement.

Altcoin News, Blockchain News, Cryptocurrency news, News
Teuta Franjkovic
Author Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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