07-30-2020 icon

Cardano Hard Fork Goes Live

By calvin
Cardano hard fork

Blockchain project, Cardano has achieved a successful hard fork after the launch of its upgrade process. IOHK and Cardano founder, Charles Hoskinson shared the news on Twitter on July 29 2020. 

Cardano Hard Fork Meets Expectations

The hard fork is the product of a five years of development by some of the best software engineers in the world. The software of Cardano was hard forked from the centralized Byron network to the decentralized Shelley network. 

The open-source smart-contract platform is made to challenge the likes of Ethereum. Hoskinson expects hundreds of assets to run on the blockchain in a year’s time. The platform is designed to provide more use cases as well as greater security and robustness. 

Hoskinson says,

“This time next year we could see hundreds of assets and decentralized applications running on Cardano.”

Staking Rewards for Users

With Shelley implemented on Cardano’s mainnet, staking pools will be able to register on the chain and be visible to token holders who will be able to delegate to pools upon registration. Users of Cardano who hold its native token (ADA) will be able to use their tokens to gain a share of rewards on the network. 

According to IOHK’s product director Aparna Jue, 

“It’s a monumental achievement, but this doesn’t mean we’ll be standing still, and we’re looking forward to the delivery of the Voltaire and Goguen phases of the Cardano roadmap, which will see robust governance arrangements and smart contracts functionality put in place this year,”

IOHK, the development team behind Cardano, started the hard fork process for Shelley on 25 July 2020.  Hoskinson thinks that Cardano offers better scalability and connectivity for businesses. He asserts that the adoption of Cardano will overtake Ethereum in the coming years. 

Cardano is a proof-of-stake blockchain platform, known as the first platform of its kind to be founded on peer-reviewed research. Before starting Cardano and IOHK, Hoskinson was a co-founder at Ethereum.