- Cardano (ADA) says the primary goal of Shelley is to bring full decentralization to the Cardano ecosystem
- The team says the implementation-independent specifications will enable it to build highly functional component of its blockchain using different languages
- The new Shelley specifications touch all areas of the Cardano ecosystem including delegation and incentive mechanism
The Cardano (ADA) team has reached an important milestone in the Shelley journey, as the team has now published formal specifications for the much-anticipated upgrade, according to a blog post on March 16, 2019.
Cardano Setting the Stage for Shelley
Cardano (ADA), one of the most serious distributed ledger technology projects currently in existence, is getting closer to launching its much-talked-about Shelley update which promises to transform the Cardano blockchain into a fully decentralized project.
Earlier in March, the Cardano team released the project’s v1.5 software, which the team says is the last major update of the Byron development phase and it would lay a solid foundation for the Shelley development era through the Ouroboros BFT protocol.
“This update brings a new consensus protocol, Ouroboros BFT, which is a major step in the transition from Ouroboros Classic, the current consensus protocol running the Cardano network, to Ouroboros Genesis, the protocol for the Shelley era. Ouroboros Genesis is a significant upgrade to the protocol that underpins Cardano because it is the first proof-of-stake protocol that matches the security guarantees of proof-of-work protocols such as Bitcoin,” declared the Cardano team at the time.
Shelley Focuses on Stability and Interoperability
Initially scheduled to go live by the end of Q1 2019, it appears the Cardano team are taking their time to perfect all aspects of the Shelley update, to enable it to fulfill its promise of bringing stability, interoperability, governance and more.
In a bid to make the transition from the Byron phase to the Shelley era as smooth and frictionless as possible, the team has formulated comprehensive rules to govern the entire process.
The specifications include:
Engineering Design Specification for Delegation and Incentives in Cardano Shelley, which defines the requirements and design of all incentive mechanisms in Shelley.
At press time, the price of Cardano (ADA) has increased by 0.63 percent at $0.082, with a market cap of $2.14 billion.