The Cardano update to enter the so-called “Shelley Era” has finally been released.
The announcement was made today by IOHK; basically, this means that the public testing of the new generation of the blockchain platform based on Proof of Stake has started.
More than 300 stakepools have already registered to test the new staking-based Cardano network, and participants are already able to delegate their ADA and earn financial rewards.
The Shelley Era is the evolution of the Cardano network and aims to make it more useful, rewarding and valuable to users. It is also a step forward in the attempt to make it fully distributed, with a new application ecosystem. In the future, it will be followed by the eras Goguen, Basho and Voltaire, which will introduce scalable smart contracts and self-sufficient governance arrangements.
For now, it is still just an incentivised testnet, but it will be introduced on the Cardano mainnet at the beginning of next year.
Shelley Era follows the Byron era and represents a period of growth and development for the Cardano network. It includes the first steps to improve decentralisation, and these will be gradual and significant. In fact, as soon as most of the nodes are managed by the network participants themselves, Cardano will be more decentralised and consequently enjoy greater security and robustness.
IOHK CEO, Charles Hoskinson, said:
“The Incentivized Testnet marks the beginning of the Shelley era of Cardano’s development, delivering decentralisation, stakepools, delegation the earning of real rewards for network participants.This important milestone brings us closer to realizing our vision of a globally scaled, self-sustaining decentralized network: one with the functionality and performance to support enterprise adoption and to empower people across the world. This short, ‘incentivized testnet’ phase of the Shelley era will allow us to test the performance of the rewards mechanisms and to help us build a stable and qualified group of stake pool operators, to support the operation and ongoing development of the decentralized Cardano network”.