IOHK, the firm that oversees the development of Cardano, has finally launched Shelley.
IOHK CEO Charles Hoskinson announced the successful hard fork of the blockchain’s long-awaited upgrade, which introduces a number of pivotal changes to the platform’s code.
— Charles Hoskinson (@IOHK_Charles) July 29, 2020
The upgrade introduces staking, a process through which selected validators can create new blocks and process transactions to keep the network running.
Holders of the blockchain’s native cryptocurrency, ADA, are now rewarded for running stake pools or delegating their stakes. This change is the first of several steps Cardano will take on its journey toward optimizing decentralization.
Once Cardano network participants run a majority of the network’s nodes, the system will become more decentralized.
#ShelleyIsHere!!! Welcome to a new era of decentralization for #Cardano of growth and ecosystem development – with exciting features such as stake pools, delegation & rewards. It has been a long journey. But we are here. And we’re only just getting started… @cardano pic.twitter.com/lZqsQKiJaS
— Input Output (@InputOutputHK) July 29, 2020
Hoskinson anticipates that the upgrade will entice more developers to get into the platform, and hopes that Shelley will pave the way towards a new era in the crypto space.
“This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate.”