Cardano Is Set For The Shelley Era: Testnet Launch Is Approaching

The long-awaited Shelley era for the cryptocurrency Cardano (ADA) is rapidly approaching and the company is reportedly launching an incentivised testnet which will reward the ADA holders for delegation of their stakes. As the ADA news show, Cardano is set for the Shelley phase which will see the third-generation blockchain protocol moving to a fully decentralised state.

The researchers at IOHK which is the engineering and development arm behind Cardano are now allowing users to earn real rewards for taking part in the network consensus. Meanwhile, you probably know that ever since its launch in 2017, Cardano is set for new developments. The huge following base in the crypto space that the project gained is proof for that – and a proof for the growing adoption.

What’s interesting is the fact that the researchers and team behind Cardano has been using highly scientific approaches towards building the protocol infrastructure. In the cryptonews show, we can see that ADA is right now the 12th largest cryptocurrency by its market capitalization.

Rather than a proof-of-work blockchain, Cardano (ADA) works as a proof-of-stake blockchain and validates blocks by users ‘delegating’ their stake or operating a staking pool. On the other hand, pools are chosen to validate new blocks on the network based on how many ADA tokens they have staked. This is what provides block rewards for users in the form of ADA tokens.

Cardano is set for Shelley – and the first step towards the incentivized staking will be a wallet snapshot which will be held today, November 12. This snapshot will check the balance of the official user wallets (Yoroi and Daedalus) for the eligibility of users to take part in the incentivised testnet.

The users who will take part in the incentivized testnet and delegate their stake on it will earn real ADA which will be transferred to the mainnet once it is live. In the form of rewards, members of the Cardano community have awaited the start of the staking phase as it signals the first steps towards full decentralization of the wider Cardano network.

While Cardano is set for the Shelley phase, the price of ADA is also leading the gains today – with a rise of 3.85% on the day and a current price of $0.0445.