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Major Milestone for Cryptocurrency Cardano ADA With the Upgrade “Shelley”

Last Updated March 4, 2021 2:44 PM
Tanzeel Akhtar
Last Updated March 4, 2021 2:44 PM

Cardano (ADA) ranked the tenth most popular cryptocurrency with a market cap of $2.162 billion has just completed an upgrade dubbed ‘Shelley’ which will see the network advance towards its goal of full decentralization

The Shelley  era is about moving beyond the federated epoch and handing control of the ledger over to the community via stake pools.  

The price of Cardano against the USD is hovering at around $0.083. Cardano started off as a blockchain project under founder Hoskinson, who is also the co-founder of Ethereum. Cardano was released on September 29, 2017.  

Hoskinson tweeted:

The IOHK summit  is taking place for 2 days in Miami, Florida, from 17 – 18 April. Earlier Hoskinson delivered the opening keynote speech and unveiled Cardano’s new 2020 roadmap, along with updates on Shelley which is the decentralization phase.

The many stages of the Cardano development are inspired by a number of literary figures such as ‘Byron’ phase which was inspired by Lord Byron, the romantic poet. This current software release is named after Percy Bysshe Shelley the poet and author of Ozymandias.

The upcoming phase will be ‘Goguen’ which is inspired by Joseph Goguen, the U.S. computer scientist. In the future, there will be ‘Basho’ inspired by Matsuo Basho a Japanese poet from 1600s and 1700s. Finally, there will be a  Voltaire phase inspired by François-Marie Arouet, the French philosopher who was criticized, exiled, and kicked out of court for challenging the status quo.

On the technical side, Cardano uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach consensus about the network.