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cardano Shelley Mainnet

Cupid Gives Cardano A New Upgrade

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As the team at Input Output has announced a significant upgrade that is set to take place on Valentine’s Day, it appears like Cupid has pointed his bow at the Cardano community this year.

This technical achievement, known as the “Valentine” upgrade, will give the Cardano network additional Plutus SECP cryptographic primitives. The community coordinator at Input Output, Rebecca Hopwood, reports that a joint technical team from Input Output, the Cardano Foundation, and EMURGO has submitted an updated proposal to upgrade the Cardano mainnet to protocol v8 following a period of community testing and close collaboration with SPOs, developers, and exchange engineering teams.

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She further stated,

“We are thrilled to announce that the Valentine upgrade is finally upon us, marking a critical milestone in the evolution of the Cardano network.”

On February 14, when the upgrade is scheduled to go into effect, you can publicly profess your affection for the network. Users of SPOs and Cardano nodes are urged to update to the most recent version, 1.35.5, in order to participate. It’s important to note that any version before 1.35.4 won’t work on the mainnet after the upgrade because it won’t be compatible with protocol version 8.

Cardano’s Got Leverage

The ADA community will gain a variety of advantages from this much-awaited upgrade, including improved interoperability and safe cross-chain dApp development. The new built-in features will give Plutus an extra layer of security while facilitating developer interaction with other blockchains and supporting signatures like ECDSA and Schnorr.

This improvement has been in the works for a while now. The necessary new node is already running on over 80% of block-producing nodes, indicating that the upgrade is almost ready to be implemented on the mainnet.

IOG and the Cardano Foundation are devoted to updating the community on its development and invite everyone to follow their channels for the most recent information. 

At the time of writing, ADA was priced at $0.364148 with a daily drop of 6.5%, according to Coin Market Cap (CMC).

Cardano Finally Launches Shelley Mainnet After 5 Years of Development

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Cardano has finally launched the highly anticipated Shelley mainnet, which now allows staking pools and delegations for all users who invest in ADA digital currency. Technically, the event that took place on 30 July marks the “hard fork” that amended the blockchain code of Cardano.

The hardfork mainnet Shelley updates the network from the previous iteration, Byron. Going forward, staking on the Shelley mainnet involves holding massive quantities of ADA. The advantage of staking Cardano’s native token on the mainnet is that there’s a big chance to earn even more ADA rewards for validating the blockchain.

Shelley mainnet targeting 1,000 staking pools

Notably, the staking rewards are powered by the Ouroboros protocol, which decides who will add the next block to the Cardano blockchain. In addition, the Shelley hard fork also allows users to operate a functionality referred to as a staking pool, enabling you to stake the crypto of other users on the basis of their interests or to delegate their ADA to another user on their account.

In a press release, the IOHK reported that it expects Shelley’s stake pools to exceed approximately 1,000, based on the number of stake pools delegated during the testnet. About 444 stake pools are currently active on the Shelley mainnet. The pioneering block on the Shelley mainnet was validated on the testnet version of April 27. Typically, testnets do not involve the use of real funds. However, IOHK subsidized Shelley testnet, meaning that the participants were in for the blockchain’s long-term future.

Cardano users to earn 4.63% annually on staked ADA

As per Cardano’s website, users are estimated to earn 4.63 percent annually in interest for staking ADA tokens. However, this figure might change based on the number of participants. The users who will stake their tokens between July 29 and August 3; will be entitled to receive their initial reward on August 18.

Furthermore, the staking functionality of the Cardano blockchain has been under development since 2018. The project invited participants to stake real money on Shelley’s testnet version in December last year; after several months of development. Regardless, the hype seems to have repaid; Cardano blockchain has lured about 14,000 new addresses daily in July.