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Is the new Cardano (ADA) big enough to compete with Ethereum (ETH)? – Cryptocurrencies

The Cardano development team has finally launch the Shelley network after more than three long years of waiting. This hard fork of the Byron mainnet includes several new features as well as new staking pools. The commissioning of this new platform will allow Cardano to achieve complete decentralization of the network.


Reach 1000 staking pools on the blockchain

This is the goal set by Cardano, and which will allow it, once achieved, to become one of the most decentralized, scalable and secure blockchains in the ecosystem. This number of stacking pools is also necessary to keep Shelley stable and functioning. The current total, which already exceeds 500 pools, has enabled ADA holders to offer ADA rewards for their participation in block production. Speaking of the novelties of this hard fork, we will note compatibility with smart contracts or even dApps hosting. Shelley will use the consensus algorithm Ouroboros, derived from proof of stake (PoS), to effectively govern activities on the platform.

Cardano V2: Shelley

ADA holders as well as pool operators who use the wallet Daedalus are therefore all invited to switch to the main Shelley network to take advantage of all these new features. As for users holding tokens in centralized exchanges, they are urged to check the exchange’s potential plans for moving from ADA to Shelley. Charles Hoskinson, co-founder of Cardano, praised the efforts of Cardano developers while predicting that “ Shelley to lead hundreds of assets and decentralized applications on Cardano “.

Shelley, the new launch pad for dApps

The least we can say is that there is on the Cardano side a clear desire to compete with Ethereum in this area. According to Shelley’s launch press release, blockchain hopes to register an influx of decentralized financial applications into new sectors. The first who will be invited to explore Cardano for commercial purposes will obviously be financial institutions but also pharmaceutical companies and, more originally, agricultural producers.

The ambition is therefore for Shelley to enable all sectors of the economy which are considering embarking on the development of new type of dApps to deploy them on Cardano. After the launch of Shelley, the Cardano development team does not intend to stop there and is already planning for the future. Mr. Hoskinson in particular expressed his desire to resurrect the Qeditas project on Cardano next year. He also justifies this orientation by considering that he was: “Time to rebuild mathematics on new bases”.

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With the deployment of Shelley, the Cardano Foundation has just taken one more step in building an adoption strategy for Cardano. As noted during the launch, Shelley will drive integration to enable accelerated value creation for inclusive and equitable growth.

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