Cardano (ADA), currently ranked the 10th most prominent digital currency with a market capitalization of over $2.162 billion recently underwent the network upgrade called as ‘Shelley’. Post upgrade, the Cardano protocol will seek to move towards its target of complete 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 2 days IOHK summit was scheduled in Miami, Florida, from 17th to 18th April. On the opening day of the summit, Cardano founder and CEO, Charles Hoskinson delivered the inaugural keynote speech and also revealed the new 2020 roadmap for the Cardano protocol including the updates on Shelley which is currently in the decentralization phase.
The developmental stages of Cardano network are influenced by a number of remarkable literary names, for example, Byron phase inspired by a romantic poet, Lord Byron. Consequently, the Shelley upgrade is named after an author or poet of Ozymandias.
Reportedly, the upcoming update will be dubbed as ‘Goguen’ which is inspired by a U.S. computer scientist, Joseph Goguen, Post Goguen, ‘Basho’ inspired by a Japanese poet from 1600s and 1700s, Matsuo Basho. At last, Voltaire phase is on their list which is inspired by François-Marie Arouet, a French philosopher.
With the update, Cardano is using the latest Proof of stake consensus algorithm dubbed as Ouroboros that determines how each node reach consensus about the Cardano network.
Hoskinson further spoke agreeing with the fact that:
There is an ongoing governance crisis in the crypto sphere. Until now, there hasn’t been a recorded case of establishing “stable structures that were both leaderless and global.” Cryptocurrencies have managed to challenge that, which is why the industry faces so many problems when it comes to regulating itself.
In addition, when he was asked about the ongoing trend of an individual representing the company’s development, Hoskinson replied:
Blockchain’s very nature prevents a cult of personality from being created.
Currently, Cardano’s market price against the USD is hovering 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.