Cardano’s digital currency ADA has witnessed a surge as high as 60% after the founder announced the date for the long-awaited Shelley upgrade.
Cardano Head of Delivery, Christopher Greenwood disclosed recently in a YouTube podcast that Shelley, the latest update for Cardano, will begin rolling out from the network July 7.
Greenwood, in the video, stated that the upgrade would bring the Cardano network from a centralized platform to a distributed one. Notably, the announcement that the Shelley upgrade is about to go live, and that the level of the change it will bring to the network has led to Cardano price quickly increasing. The coin reportedly surged from $0.055 to $0.088, while its trading volume skyrocketed by four times.
Additionally, Cardano founder Charles Hoskinson also mentioned that the staking rewards, as well as the hard fork, will be available once the implementation of the Shelley upgrade is complete. He also announced that the Cardano virtual summit would happen in early July.
And we are live for the Summit: https://t.co/holWVfnPvV
— Charles Hoskinson (@IOHK_Charles) June 5, 2020
Cardano’s steady growth
The Cardano project has witnessed steady growth since its launch. The project is known for taking its time and advancing slowly. Notably, to do everything right, as opposed to rushing things, which has been a downfall of many other projects.
Over the past two years, IOHK developers, have been developing two different versions of the staking protocol. Firstly, a Byron-derived approach, which is the current protocol, and has lasted for about two years now.
Secondly, the “Haskell”-based Shelley system. This is the latest and final step before the Shelley update goes live. It includes stake pools, stake delegation, and decentralization, amongst other features.
Currently, the Shelley Incentivized Testnet is doing the final tests before launch. The ecosystem growth has led to a large number of supporters. Node operators are already in the loop with the project’s development, with 1,200 node operators on ITN.
Hoskinson commended his team for their commitment and hard work towards the launch of the network update.
“I’m 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,” Hoskinson, said. Also, adding that, “What we’re creating is basically the world’s next operating system.”
ADA versus XTZ rivalry
The Cardano project has been involved in an intense head to head battle with Tezos (XTZ) project. Hoskinson, recently in a tweet, likened their struggle to the famous fight between Gandalf and the Balrog in Lord of the Rings.
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
Both project are determined to secure the position of the 10th ranking crypto for themselves. With both projects sitting a little over a $2 billion cap according to market cap.
Currently, the open-source project has partnered with Hyperledger Project and W3C to increase its relevance in the crypto space.