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30 July 2020

Crypto Storage AG: Cardano’s Shelley hard fork is delivered

Yara Ainsworth

Yara Ainsworth

Head of Marketing and Communications at Crypto Finance AG

About the author

We are pleased to announce full support for the Cardano Shelley hard fork thanks to the efforts and expertise of the Crypto Storage team.

Our clients can keep their ADA stored with minimal interruption and may stake from their infrastructure. We are proud to be an active driver in this development and look forward to future projects in collaboration with the Cardano Foundation.

Cardano’s Shelley hard fork enables a new era of decentralisation through proof-of-stake and prepares the network for the forward-thinking blockchain 3.0 being pioneered by IOHK.  The Cardano Foundation team shared this update below for the Shelley hard fork, which gives more background into this development.

If you wish to receive more information from the Crypto Storage team, please contact us.

 


Shelley is delivered

Author: Cardano Foundation Team | Source: Cardano Forum

When Cardano launched in 2017 it originated at a single point of time with the release of Byron 9, the value layer of the Cardano protocol and the basis of the ada cryptocurrency.

In contrast, the highly-anticipated transition to Shelley has been a gradual rollout, involving years of behind the scenes work, almost 80 peer-reviewed research papers 29, and multiple testnet iterations.

The mainnet version of Shelley will go live today following a hard fork of the Cardano blockchain. This transition represents a major shift into a state of Cardano that will be defined by decentralization and staking, ahead of our next milestone of smart contract capabilities.

This article is the first in a series of content—both written and visual—where we will be exploring multiple aspects of Shelley’s rollout. Here, we give a high-level overview of Shelley, explain its impact on the Cardano network, and discuss what it means for stakeholders in the Cardano ecosystem.

What does Shelley represent?
The Cardano protocol is destined to be much more than a ledger of value, and Shelley’s delivery is the next step in making Cardano the social and financial operating system of the future.

The most significant change to arise from the delivery of Shelley will be the decentralization of the Cardano blockchain. Following Shelley’s delivery, Cardano will be 50–100 times more decentralized 16 than other leading blockchain networks, with up to 1,000 staking pools taking an active role in consensus and governance—finally pushing voting power into the hands of the community.

Shelley will also herald the arrival of staking 64 rewards and stake pools on the mainnet. Holders of ada will be able to delegate their stake to a pool for the first time, earning passive rewards for taking part in the consensus of the Cardano blockchain—hence the term ‘proof of stake’ (PoS).

Read the full update from Cardano.org here.

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