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Cardano Introduces Proof-of-Stake With 'Shelley' Hard Fork
It's alive! Cardano has successfully hard forked to its major upgrade, Shelley, which introduced proof-of-stake to the network.
Updated Dec 10, 2022, 9:15 p.m. Published Jul 30, 2020, 8:14 a.m. 2 min read
It's alive! Cardano's blockchain has undergone a momentous transformation.
- Announced Wednesday, the open-source smart-contract platform designed to challenge Ethereum's lead position hard forked from the centralized Byron network into the decentralized Shelley network.
- The team behind Cardano's transformation is blockchain research and development startup IOHKhttps://iohk.io/en/projects/cardano/team/.
- IOHK's CEO Charles Hoskinson said Cardano has been carefully developed over five years and "hundreds" of assets are expected to be running on the blockchain in a year's time.
- According to a press release, Shelley will increase "security and robustness," while enabling more blockchain use cases.
- The upgrade will utilize the Ouroboros consensus algorithm – a proof-of-stake (PoS) protocol leveraging cryptography, combinatorics and mathematical game theory.
- By implementing Shelley on Cardano's mainnet, staking pools will now be able to register on the chain visible to token holders, enabling them to delegate to pools immediately once registered.
- The PoS delegation process lets users holding Cardano's native ADA token commit their tokens to a pool for a share of rewards, which the company said will incentivize the network to run "accurately."
- Cardano will reach consensus equilibrium once 1,000 stake pools have been established, 485 of which are currently live.
- IOHK said Shelley represents a "first step" in a series of enhancements to the network over the coming months with expectations that its Project Catalyst will launch by year's end.
- Catalyst will introduce a governance model enabling the Cardano community to cast votes on the direction of the blockchain, including software updates, technical improvements and the long-term future of the network.
Higit pang Para sa Iyo
A draft XRPL amendment notes that flash loan attacks are "structurally impossible" on the network because of how its transactions are built, an architectural quirk that has spared the chain from the exploit class that has cost Ethereum DeFi billions.
Ano ang dapat malaman:
- Recent DeFi exploits on protocols like Thorchain, Drift and KelpDAO have relied on flash loans, a mechanism that does not exist on the XRP Ledger.
- Because XRPL transactions are atomic and cannot include composable intra-transaction calls, flash loan attacks are structurally impossible on the network.
- As XRPL pursues AMM upgrades...
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