- By Pierre-Alexandre
March 21st, 2019
The Shelley update has created a big buzz around Cardano as the upgrade is expected to make the cryptocurrency a truly decentralized blockchain. The decentralization of Cardano is expected to make the blockchain one of the most potent in the world.
The Ouroboros currently used by Cardano puts it at the same level as Bitcoin’s proof-of-work algorithm, though it doesn’t have the energy issues of POW. However, the Shelley update will make Cardano one of the most secure proof-of-stake blockchains currently available.
Cardano $ADA as the 3rd generation blockchain, is moving toward the most anticipated Shelley phase (Decentralization & Staking).— Alexander Halim (@AlexHPutra) March 20, 2019
1. Shelley on Testnet (31 March or earlier).
2. IOHK Summit in Miami - New Cardano Roadmap (17-18 April)
3. Shelley on Mainnet (20 April or earlier).
The high level of security to be achieved by Cardano following the update is very important considering the fact that security is very crucial when determining the value of a blockchain. When a blockchain attains a high level of protection, developers will show more interest in creating applications on the network, especially those creating financial dApps.
#Cardano has one of the most ambitious, comprehensive and transparent roadmaps in the world. They’re still lacking in adoption, but the quality of the project is something that really sets them apart. https://t.co/XXU5wyhLdg #ADA #crypto #cryptocurrency— Weiss Ratings (@WeissRatings) March 21, 2019
The Shelley update will also make the Cardano network more censorship resistant. This feature will be particularly crucial to the developers of social dApps. The combination of the security and censorship resistance features will make the blockchain a lovely one for dApps developers.
Last year, the co-founder of Cardano, Charles Hoskinson, was optimistic that the team would be able to achieve several things in a few months such as an increase in liquidity, support for hardware wallets, multisig paper, and many more. He added that they would be able to compete with Bitcoin and Ethereum in almost every aspect.
#Cardano’s #Blockchain is not only built on solid philosophy,but also on hardcore science.That in itself gives it a significant edge over its competitors. Plus,d fact that someone like Charles Hoskinson s leading d way only adds more credibility.— Denicio Bernier (@DenicioBernier) March 16, 2019
2019 we will c lots of deliveries
Finance Magnates recently talked to Hoskinson, and even though the team is yet to achieve everything it had planned, they have recorded much progress over the past 12 months. Hoskinson explained that Cardano is however yet to attain true decentralization due to the big goal it has set for itself.
He mentioned that for them to achieve decentralization, they first have to create genuinely scalable protocols, fully understand the science of interoperability and find out the ways blockchains can communicate, while also looking for a more sustainable approach to govern the blockchain networks to better control the different elements on the system. The first step for them was to bring together a group of academics to work on papers that could help them solve the problems mentioned above.
One of the attendee of the next IOHK summit in Miami:
> So fortunate Dr. Wadler is part of the #Cardano #Blockchain $ADA #IOHK team - "contributed to the theory behind functional programming & the use of monads in functional programming, the design of the purely functional language Haskell, & the XQuery declarative query language." pic.twitter.com/yRbNqNiI3l— The Crypto Reporter™ (@_CryptoReporter) March 19, 2019
The scientists have so far written 20 papers and the team is currently researching for ways to translate those papers into production systems. The translation would allow them to execute the project in a manner they were designed, he added.
Hoskinson mentioned the achievements recorded over the past year. The creation of Ouroboros, the introduction of smart contracts, integrating the interoperability protocols into a ledger, the development of scalable protocols, and the implementation of governance protocols were the five significant achievements recorded by Cardano last year.
He admitted that the team faced some setbacks over the past few months which had affected the speed of their developments. Even though they were delayed, Hoskinson assured the Cardano community that they are speeding things up now with the launch of the Shelley update and the network mainnet. He believes that these two things would set the tone for Cardano to achieve its decentralization.
Hoskinson is convinced that it is better for Cardano to move slowly towards achieving decentralization as it would allow them to check each event and make amends along the way properly.
This is one of my best presentations of all time https://t.co/DjsZxrxGqk— Charles Hoskinson (@IOHK_Charles) March 19, 2019
Our Sentscore (general sentiment score) for Cardano is back to a positive range (6/10),
while news sentiment is very positive (7.8).