Cardano Shelley Testnet Launched: ADA With 68% Gains Since May

The Cardano Shelley testnet is officially launched, which means that from today, people interested in becoming crypto stake pool operators can apply to do so. As we can see from the Cardano news, the new mainnet and team behind ADA has been heavily criticized by the community in the past months over delayed releases.

Yo dawg, I heard you want some open testnets? https://t.co/HVH2Q5rdqd

— Charles Hoskinson (@IOHK_Charles) June 8, 2020

However, things are now changing and the Shelley phase of the Cardano roadmap aims at making the network decentralized to the fullest. The simplest basis for this lies in establishing a network of independent pool operators which will run an incentivized Proof-of-Stake (PoS) system.

“Shelley will also see the introduction of a delegation and incentives scheme, a reward system to drive stake pools and community adoption. As a proof-of-stake network, users stake their ada to participate in the network,” the team said.

As we could see in the cryptonews earlier this year, the incentivized testnet (ITN) was in operation since November 2019. The ADA holders participated by staking their ADA tokens to earn real ADA in exchange for their efforts and tokens.

Now that the Cardano Shelley testnet is live, the price of ADA is expected to surge. However, from what is happening on the market right now, we can see that there is no significant momentum for that.

Still, the bigger price potential for ADA will come on July 29th, which is the date when the Shelley public mainnet is set to go live. In that manner, the true purpose of the announcement today is to bridge a gap between the ITN and Shelley mainnet by way of further developing the pool of operators to run on the Shelley mainnet.

The Director at IOHK Communications, Tim Harrison, explained that since May, a network of around 50 experienced stake pool operators have been ironing out the bugs within the Shelley testnet. As he said:

“… the Shelley testnet will open up to any operator that wants to set up a Cardano stake pool, ready for staking and delegation on the mainnet later this summer.”

Today, however, marks the start of a new phase and the Cardano Shelley testnet going live means that anyone interested in it can join it as a stake pool operator.

Meanwhile, the price of ADA is stable around the $0.085 mark with impressive 68% gains since May 2020.
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