Cardano Staking Update: Shelley

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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/

Delegation: https://www.coinrivet.com/why-cardanos-news-about-its-shelley-phase-is-important-for-decentralisation/

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.

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Comment (22)

  1. CARDANO WILL BE NUM 1!! It is being built from the ground up!! That alone speaks for itself but just to put some more icing on the cake just look at who is building it!! That again speaks for it self there’s no one else out in the industry that has the knowledge as some of the guys and girls at CARDANO!! Everyone always has their own opinion and we are supposed to but always remember when you building something from scratch that there is no book or no study zone it’s gonna take some time versus building something that’s already here adding a little twist to it and calling it brand new!! It’s a wonderful project it’s going to bring so much to so many people around the world and it’s going to be here for many many many years to come!!

  2. Nice video. With Bitcoin you can achieve your goals, I made 5 btc three days, you can earn profit and this can be accomplished when information and technology are used to solve problems reach out to Snr. Ludwig, luddygoet@gmail . Tellgram @cryptorichardx, whatsApp +1 9043850801 to see what he does and what can be accomplished.

  3. Hoskinson is no way a leader. I can only imagine the complete disarray and lack of motivation that exists at IOHK Central with someone as questionable as him at the reigns.

  4. Hoskinson is not the founder of Cardano. Hoskinson and IOHK is only contracted to work on it until 2020. Probably good if Cardano holders learn who came up with the idea for it.

  5. I don't know but the way you describe it, it sounds like a managed distribution I.e. susceptible to centralization. But like I say, I don't follow the project closely. All I know is, while a formal approach is desirable, it's not a guarantee to success.. just look at Tazos to see what I mean.

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