Meet Shelley: Cardano Decentralization Workstreams Project for ADA Stakeholders
Shelley – A Three-Pronged Program For Rolling Out Cardano (ADA)
Cardano (ADA) is expected to roll out soon, and plans are well underway to ensure that it launches successfully. To do this, Cardano’s developers have undertaken an ambitious project code name, Shelley. This project is designed to ensure that ADA is set on a strong blockchain technology. But what exactly is Shelley, and what can stakeholders expect?
This article will give an insight into Cardano’s current and future state in relation to Shelley.
Bootstrap Era – The Current Position
ADA is currently in a phase dubbed the bootstrap era, which is essentially the first of several phases to come. In this era, users can trade and transfer Cardano with some exceptions when compared to other tokens. For starters, there are no transaction fees and block rewards are not assured. That said, the ADA transacted is stored in nodes that are maintained in the network. These nodes record all data and lay a foundation for the rewards phase, which will come with further development.
Shelley has been designed to make Cardano decentralized so that it no longer has to depend on bootstrap stakeholders such as IOHK. It will be implemented to maintain the network and strengthen ADA’s footing in the market. It has been laid out in three work streams that complement each other:
As explained earlier, ADA can be transacted, but it is stored in nodes that are run in the bootstrap system. These nodes have to be maintained and operated to perform optimally, and this requires some degree of technical knowledge. Considering that not everyone interested in ADA has this knowledge or even the time to work on their nodes, developers have come up with an option to delegate these duties to other stakeholders with the capability.
The delegation comes with assured security for your ADA, and it does not cost you a thing as will be explained in the next work stream.
It will take the cooperation of stakeholders to implement the Shelley program, and to get all stakeholders on board the company has decided to offer incentives. Incentives will be offered mainly for two reasons and to two types of stakeholders.
For starters, stakeholders with the capability to run and maintain nodes will be offered incentives to do so for those who cannot. As explained earlier, those without the know-how of running their nodes can delegate these duties to others. Considering that it is extra work, developers are offering monetary and other incentives to the willing taskforce.
Developers will also offer incentives to users who are not willing to delegate their tasks but don’t have the capabilities to handle them. This is because proper operation of nodes is necessary for a stable network that will set a stronger foundation.
A strong network is necessary for a stable currency, and in ADA’s case, it is more-so necessary for it to quit its dependence on bootstrap stakeholders. Developers are currently working on a strong operating network between stakeholders as well as for the Cardano currency as well.
Shelley Update Conclusion
Cardano is set to take on the digital currency market, and Shelley will be a big part of this project. Operations are already underway and some progress has been gained.