IOHK has rolled out the long-awaited Shelley update to the Cardano network, which opens up access to the staking system. Thanks to this, users will be able to earn ADA cryptocurrency.
The Shelley update was rolled out to the Cardano mainnet after five years of development and paved the way for staking and delegation pools. Staking on Shelley means storing large amounts of Cardano cryptocurrency, which gives users the chance to earn even more ADA coins as a reward for checking the network.
Shelley’s functionality enables decentralization thanks to an advanced Proof-of-Stake (PoS) algorithm, the Ouroboros protocol that determines who adds the next block to the Cardano blockchain.
Users can also manage a pool that allows other users to stake coins on their behalf, or delegate their coins so that someone else can stake. IOHK said it expects to increase the number of staking pools to 1,000, the number of pools opened during the testnet. There are currently 444 staking pools operating on Cardano.
As a reminder, on April 27th, block creation began on the Shelley update testnet . The update has now been deployed to the main network. IOHK Product Director Aparna Jue stated:
“This is a monumental achievement, but that does not mean that we will be marking time. We look forward to rolling out the Voltaire and Goguen phases, in line with the Cardano roadmap. This year, reliable management mechanisms will be implemented in the network and smart contracts will appear. “
IOHK CEO Charles Hoskinson noted that “in a year, hundreds of assets and decentralized applications will be powered by Cardano.”
Recall that at the beginning of the month, IOHK launched the Atala PRISM decentralized lending system, and opened funds for developers and ADA holders.