In a similar way Android labels its updates, so does Cardano’s main development team, Input Output Hong Kong (IOHK). The latest update on the Cardano (ADA) blockchain is the Shelly update that improves the Byron update. The Shelly update has been a constant topic of discussion across the Cardano community and it is finally here.
The announcement by Charles Hoskinson, the creator of Cardano, on Twitter confirmed that the “soul of Shelly update” is out.
The soul of Shelley is out https://t.co/5Hcwt40BsU
— Charles Hoskinson (@IOHK_Charles) April 17, 2019
Charles Hoskinson's Twitter update on Shelley (Twitter)
The Soul Of Shelly Update
The Shelley update formal specifications is released on the IOHK’s blog showing the transformation of the platform from its Byron era. Some of the formal specifications on the Shelley update include:
- Engineering design specification for delegation and incentives in Cardano-Shelley: Describes the requirements and design for the delegation and incentive mechanisms to be used in the Shelley release of Cardano.
- A formal specification of the Cardano ledger: Specifies the ledger rules for Shelley, including delegation and incentives.
- A specification of the non-integral calculations in the ledger: This document defines a way to exactly calculate non-integral calculations in the ledger for Shelley which use elementary mathematical functions.
The IOHK team further confirmed that these will not be the final changes to the Shelley update as development progress will continue on the Cardano platform. This is to ensure the users experience an efficient, safe and totally decentralized platform with Cardano.
The IOHK Summit In Miami
The announcement of the formal developments and specifications on Shelley comes a day before the IOHK Summit starts in Miami on April 17th and 18th 2019. The event is a huge milestone for the Cardano community and Charles confirmed that he will reveal the updated roadmap for the team during the event.
Cardano’s value and community are growing in the past few weeks following the release of the update. ADA at the moment is placed 10th on the Coinmarketcap listings with a total market capitalization of $2,152,721,849 USD. ADA, as at the time of writing, trades at $0.083030 USD, representing a percentage point increase in the last 24 hours.