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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
Crypto Tips talks Cardano: https://www.youtube.com/watch?v=2nrdaYXVwFA
Charles Hoskinson Explains Cardano: https://youtu.be/Ja9D0kpksxw
IOHK Blog: https://iohk.io/blog/
Cardano GitHub: https://github.com/input-output-hk/cardano-ledger-specs
How the switch will happen and you will finally be able to stake your ADA: https://www.investinblockchain.com/will-cardanos-shelley-be-released-on-time/
Details on specifics of the Shelley update: https://ambcrypto.com/cardano-ada-shelley-project-ultimate-decentralization-solution/
Now that I’m back from a recent visa run to Singapore, I’ve been eager to dive into one cryptocurrency who’s community has been eagerly awaiting its newest update which will finally enable them to help secure and decentralize the network as well as earn rewards for doing so. Today is about Cardano and its well-anticipated new release of its Shelley update.
For those of you who may be unfamiliar with the specifics of Cardano, I will refer you to a video I posted (https://www.youtube.com/watch?v=2nrdaYXVwFA)
And for those of you looking to learn about it straight from the source, I’ll also link a video of the founder himself,
Charles Hoskinson. (https://youtu.be/Ja9D0kpksxw)
Alright, now that you’re all caught up on the history and basic motivations behind the creation of Cardano, let’s take a look at how this project is finally preparing to unveil it’s ability to put into practice the decentralization its network by allow the community to play an integral role in processing and securing transactions.
I’m talking about the Shelley release. Currently Cardano is in the final stages of its Byron phase. I can’t talk about this new release without mentioning that it is behind schedule. But let’s be honest, this scenario has become somewhat of a given for many crypto projects, anyone know when Ethereum is switching to Proof of Stake?
So Cardano is behind schedule and some members of that community are not happy about it. But let’s remember one key aspect of the development of Cardano, it’s motto ought to be slowly but surely. Let’s not forget that the development company for Cardano uses a rigidly thorough process for writing and releasing code that involves a formal peer review process which requires a well-developed outline of what is the desired outcome and how the dev team can achieve it in an efficient and successful way.
So as part of that formal peer review process, before code can be written, formal specifications need to be drawn up and reviewed. Which is the exact point at which the latest Shelley update now exists. IOHK has drawn up the formal specifications for how the Cardano community can contribute to the network by staking their coins. For those who are not willing or able to run a staking node 24/7, the specifications have been drawn up that describe how one can delegate their stake, still receive rewards AND continue to maintain their monetary rights to those coins.
Here are some important things to remember if you have been patiently, or not so patiently, waiting to be able to earn rewards by staking your ADA coins:
* The formal specifications have been submitted for review, the code is still waiting to be written.
* The testnet is yet to be released.
* Cardano’s Proof of Stake set up will not be typical to other platforms that already exist.
* Cardano will be slow to open the doors to the public in regards to being able to stake their coins and receive rewards. The initial blocks of this new set up will be validated by the centralized entity that is OBFT. Once the initial blocks are successful, more and more slots will be made available to other staking pools and eventually OBFT will be phased out of that role altogether.
* Eventually staking nodes will be able to advance their validating capabilities.