Cardano Shelley Hard Fork – new kid on the block

Cardano Shelley Hard Fork – new kid on the block
In an effort to compete with Ethereum, Cardano’s Shelley Hard Fork recently went live. Not to be confused with Barbie’s younger sister, Shelley makes Cardano a worthy adversary to dethrone Ethereum in terms of assets and decentralized apps. Today, we discuss the significant impact of the Cardano Shelley Hard Fork.

Cardano Shelley Hard Fork in the news

Cardano made headlines with the announcement that the highly anticipated Shelley Hard Fork will occur on 29 July 2020. The team stated that there would be no interruptions to blockchain operations. With the introduction of Shelley onto the Cardano mainnet, new features such as stake pools, rewards and delegation were added.

Founder of Cardano, Charles Hoskinson said on social media they are extremely optimistic about the future of Cardano. He expects thousands of decentralized applications and projects to reside on the new mainnet in the years to come.

It is interesting to note that the Shelley upgrade took Cardano developers five years to complete.

How Shelley will improve the Cardano eco system

The Shelley Hard Fork is a network upgrade from the Byron network. Shelley brings stake pools and delegations to the network.

Now, there are two ways in which hodlers can benefit from the new stake pools. First off, you can hold large amounts of ADA coins and earn rewards for staking. The second method is with a stake pool. A stake pool allows you to stake other users’ coins on their behalf. You can also delegate the responsibility of staking your ADA coins to someone.

What’s more is that these stake pools are run by reliable individuals or businesses whom have the necessary knowledge and resources to run the node. It is expected that more than 1 000 stake pools will be reached. During the time of the Shelley Hard Fork launch, 444 stake pools were already operational. Cardano future looks bright

Cardano’s ADA token is a good project. It is known as a reputable coin and when bought at the opportune moment, can result in good profits.

The Cardano platform is made up of two layers. The first layer, the Cardano Settlement Layer (CSL) is used to perform transactions with ADA tokens. The second layer is the Control Layer that is constantly being improved on. Once upgrades and improvements are completed, users will have better access to smart contracts and decentralized apps via the platform.

Looking to the future, Cardano will be implementing further phases in an effort to optimize decentralization. Next up will be the Voltaire and Goguen phases that will enable more smart contracts and also governance.

It is said that Cardano may become the second biggest DeFi platform, after Ethereum.

AltCoinTrader supports Cardano Shelley Hard Fork

A change is as good as a holiday. With that said, AltCoinTrader duly prepared its systems for the Cardano Shelley Hard Fork that occurred on 29 July 2020. We are happy to report that the fork was a success and trading of ADA tokens on the exchange were unaffected.

If you are looking to invest in a solid project, buy ADA on AltCoinTrader via the online exchange or app. AltCoinTrader is a safe and secure cryptocurrency exchange that specifically caters to the South African market.

What is staking?

Blockchains have to validate transactions. One way for the blockchain to validate a transaction is by Proof-of-Stake (PoS). By giving your coins to a network to stake, you can earn rewards and, in some instances, vote on important governance matters. It is similar to keeping money in a bank and earning interest.