Cardano Produces First Block for ‘Shelley’ Mainnet

Cardano Produces First Block for ‘Shelley’ Mainnet

Cardano has announced producing the first block for the upcoming ‘Shelley’ mainnet.

Shelley is developed with the purpose of transforming Cardano into a fully decentralized proof-of-stake network.

It helps holders of Cardano’s ADA cryptocurrency to power the network and earn rewards.

Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), said Shelley is in an early stage of testing with “friends and family.” For months, Cardano has been testing its staking system separately. He added that his company aims to bring Shelley through a series of tests, and launch the network gradually in coming period.

“Come the end of the Shelley era, we expect Cardano to be 50-100 times more decentralized than other large blockchain networks, with the incentives scheme designed to reach equilibrium around 1,000 stake pools.

“Current prominent blockchain networks are often controlled by less than 10 mining pools, exposing them to serious risk of compromise by malicious behavior – something which Cardano avoids with a system inherently designed to encourage greater decentralization,” he added.

Cardano ranked ‘excellent’ by Weiss

Weiss Crypto Ratings has published its latest rankings of cryptocurrencies, where Cardano (ADA) rated technically excellent.

Tezos (XTZ) and Cardano (ADA) ranked among the top cryptocurrencies in the technology category. Both projects received a classification grade of ‘excellent’.

Meanwhile, Bitcoin (BTC), Ethereum (ETH), and IOTA (MIOTA) maintained the top three rankings. Apart from Cardano and Tezos, Weiss has also rated Cosmos (ATOM) and Fantom with ‘excellent’ in terms of technology.

Cardano’s advancement in technology

Cardano will likely achieve further breakthrough in the technological innovation this year. This expected innovation includes the launch of Shelley; the flagship of the Cardano network’s full decentralization. According to the rating agency, ADA is an enhanced version of Ethereum.

Github justifies Weiss rating

Cardano has recently secured the leading position in terms of average daily development activity on Github in the period from March to April 2020. This really justifies the latest ranking of Weiss.

Ethereum (ETH) ranked fourth, while Bitcoin (BTC) came last on the table.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.