Cardano which has also been referred to as ADA released a new update on the Shelly project, this was on the 16th of July. The IOHK project manager Liz Bancroft just gave an update on Shelly on the IOHK YouTube channel for the month of June. But this is not all as she went ahead to provide an update on another project they are currently working on, plus the overall goal for Shelley.
The Primary Goal For The Shelley Platform
The primary objective behind the Shelley release is to ensure they have adequately upgraded the network in a manner it is able to operate in the decentralized ecosystem. The project has been designed with three primary functions, that is the networking, incentives and delegation.
The incentives on the platform will provide the various stakeholders with monetary incentives to ensure they follow the current protocol and makes sure the system put in place is running smoothly. For the delegation section, it will allow stakeholders the ability to delegate their right and also obligation to enable the signing of blocks to third parties. While networking will provide an infrastructure that will be able to support the decentralization of the system.
More On The Current Functions
In June there was a research paper of delegation that was established to rule out how the delegation function will be performed in the system in a way it will ensure it satisfies the requirements. Requirements such as the recovery of keys that could be compromised, the stake pools and also securing the security funds for the users on the platform do not get compromised.
When we look at the delegation function of the system, the teams have been putting in the extra hours in putting in the specifications. But this is not all as they have also ensured they are detailing how the current scheme that has been proposed can get implemented on the Cardano. The team is doing all they can to ensure the delegation design has been made compatible with the envisioned incentives mechanism.
The team already has a design of the system and how it could act in the event that it detects there is a staking pool, or if there are other stakeholders on the platform who have stopped in the production of blocks. They have also gone ahead in discussing how they will be sharing rewards with the current users who are delegating the pools without having the system folded with the numerous transactions and even creating dust on the UTXO.
In the research paper that was dealing with incentives, the team has been able to prove that when using the formulas for utility, then each of the Nash put in place has the desired form that is required of the cap of K-pools in equal sizes. The Nash equilibrium has been considered to be an important concept when it comes to the game of theory.
The basic idea that is used in the application of the game theory to the practical problems is believing that in reality, eventually things tend to settle down in the Nash equilibrium.
When looking at the incentives document the team went ahead to spend the last month in the fine-tuning of the concepts put in place. Ensuring they have appropriately verified and also refined the process. They went ahead to make a little simplification to the current formula for the pool desirability and assured they verified this change they have made.
The team has also been able to identify a few real word use cases when it comes to the networking Delta design. They will go ahead to ensure they do a proper investigation of various examples during the testing and implementation stage.
But this is not all as the team will also investigate the uses cases in the communication protocol 10, an essential part of the communication design.
The company has ensured they have gone the extra mile in making sure they have improved on how the system operates and improving on how it works directly enhances the current design of the wire protocol. The team put together have the appropriate solution in place, and they are currently analyzing it just to ensure it stays true to the design of the Oroborus paper.