Cardano Gains 60% Following Shelley Protocol Upgrade Announcement
In the week following the announcement of roadmap for Shelley upgrade by Cardano co-founder Charles Hoskinson, the blockchain’s native token ADA has appreciated by roughly 60%.
The announcement was made in a YouTube podcast with Lark Davis, best known as Cryptolark.
The installation of Shelley protocol will transform the network into a distributed ecosystem, rather than the prevailing centralized environment.
The discussion also revealed details about the hard fork and staking rewards.
The upcoming Shelly protocol upgrate is the biggest transformation any blockchain venture has ever undergone, as per Hoskinson:
“This is like Ripple changing its consensus protocol […] No cryptocurrency has really done this to this scale after they’ve rolled out.”
As the Shelly protocol upgrade is only a few weeks away, the native crypto of Cardano is seeing considerable value appreciation, from $0.055 to $0.088, and daily trading volume rose over fourfold.
Over the last two years, two groups of IOHK (foundation involved in the development of Cardano) programmers have been creating two different variants of the staking covenant: Byron protocol (currently active) and Shelley protocol, which is based on Haskell.
Hoskinson stated that Cardano will shift to the Shelley covenant in the first week of July. He said “The current protocol, Byron, has been out for about 2 years now.”
At the moment, the Shelley Incentivized Testnet (ITN) is undergoing final trail before rollout. The maturity of ecosystem has given rise to large number of advocates and node operators, who are existing in the spiral with the venture’s advancement, with 1,200 node operators on ITN.
Tezos and Cardano are doing this on CMC https://t.co/jPGUUTV3zE it’s as entertaining to watch.
— Charles Hoskinson (@IOHK_Charles) June 2, 2020
The complexity in building and carrying out this transformation has been fervent for the group, stated Hoskinson, with distinct constraints not usually encountered by blockchain ventures:
“I’m really proud of everybody. It’s been a long time coming and it’s been a difficult year because we’ve had to change the tires while the car is running. What we’re creating is basically the world’s next operating system.”
In the past few days, Cardano and Tezos (XTZ) have been battling to enter the top ten list of crypto tokens in terms of market capitalization, with both ventures valued at over $2 billion.
In his tweet, Hoskinson paralleled it to the popular battle between Balrog and Gandalf in Lord of the Rings.