Cardano’s Shelly Mainnet: What is it and How Does it Operate?
The long-waited launch is finally here, and investors are now anticipating to know what this launch means and how it will shape the blockchain market. Cardano’s testnet went live on December 15th, 2019, and within 24 hours of going live, Cardano holders had staked over 5 billion ADA coins, which are worth roughly $195 million.
According to a Twitter report by the research and development company behind Cardano IOHK, over 120 staking pools went live within the first few minutes of operations. The tweet also shows that IOHK has a clear Shelley roadmap that will help attain the initial target of 1,000 staking pools.
The release of Cardano Shelly mainnet has been hefty on the chain selection and the blockchain market. Before it was released for public testnet, Shelly mainnet went through a lot of reengineering and rearchitecting. This move has also helped stabilize the network and ensure that the mainnet has direct access to the expected market.
The Origins of Cardano
While learning more about the Cardano blockchain, we cannot leave out the blockchain’s inception and how it came to be. Charles Hoskinson conceptualized the birth of Cardano alongside Jeremy Wood in 2015. Charles is also a co-founder of Ethereum, one of Bitcoin’s biggest competitors. Charles saw the need to upgrade Ethereum as a second-generation blockchain, creating an opening for a blockchain that would lead to the entire industry’s evolution.
Cardano makes a remarkable sheer amount specifically channeled for its upkeep and smooth operations. Thanks to successful partnerships, Cardano has three primary companies at its core that work to ensure the blockchain’s success. These three companies are Input Output Hong Kong (IOHK), the Cardano Foundation, and Emurgo.
The primary agenda behind the founding of IOHK was to research and develop a company committed to using peer-to-peer innovations in building financial services accessible for all. IOHK contract indicates that they should design, build, and maintain Cardano until 2020.
After their tenure, a Japanese company, Emurgo, assumes the responsibilities of supporting, developing, and incubating commercial ventures to revolutionize the use of blockchain technology in their industries.
Impact of the Launch on Crypto Trading
Cardano uses a highly scientific approach and adoption of formal verification to build its protocol infrastructure. This has spearheaded its vast following in the crypto market, and it now stands as one of the largest cryptocurrencies by market capitalization.
The crypto market protocol facilitates the decision to move Cardano to a fully decentralized state. Additionally, its main focus is to ensure that every user who participates in the network consensus earns real rewards.
Therefore, this move has created multiple blocks to counter the delegation of stakes or operating stake pools.
Crypto trading requires investors to delegate their account management to facilitate the development and creation of tokens. Cardano Shelley selects pools that validate new blocks on the network. However, the number of tokens staked in a particular block determines new blocks.
Why Cardano Project is Unique
Cardano is the home for ADA cryptocurrency, which is used to receive and send digital funds. It holds the current state of money and also represents the future of money operations. Making direct transfers is significantly easy with Cardano, and you are sure your funds will be secure through the entire process.
It is a technology that can run financial applications used by individuals, governments, and organizations worldwide. Unlike other financial institutions, the Cardano platform is constructed in various layers. Doing so helps in flexibility and ensuring that the system can be maintained easily without interfering with the financial operations.
The Future of Cardano
After Bitcoin and Ethereum, Cardano is a third-generation blockchain to take the blockchain market by its horns. Unlike its predecessors, the creation of Cardano circles around solving:
The first and second blockchains have unique and straightforward issues that the crypto space couldn’t address. For instance, Bitcoin and money transfer was a great success as the first blockchain. However, beyond making it possible to transfer funds from one person to another, it wasn’t straightforward for the receiver to know when the transfer was complete.
This hindrance, therefore, led to the formation of Ethereum and smart contracts as a second-generation blockchain. With smart contracts’ assistance, the second generation blockchain synchronized money, assets, and other valuables in a conflict-free and transparent way without involving mediators. As more blockchains kept coming up and gaining acceptance, these blockchains began to lose efficiency. Therefore, although it was making progress, the blockchain failed to focus on advancing and creating more channels for efficient transactions.
The third-generation blockchain considers the mistakes that its predecessors failed to solve, thereby improving its performance. It has consequently undergone various scrutiny and scientific engineering to ensure it reaches the ultimate goal of being a High Assurance Code.
Therefore, unless otherwise stated, Cardano has exceptional hopes of remaining on top by providing the possibility of transferring funds and an opportunity to monitor the transaction process from point A to B.
Cardano gives users an assurance that its algorithm is precise and maintains high-quality coding. In other words, with this third-generation blockchain on your side, handling enormous financial crises between governments, organizations, or individuals will not be complicated. Additionally, the amount of data collected through this blockchain will remain secure and only accessible to authorized personnel for customer security.