Cardano successfully launched it’s Shelley upgrade on 29th July 2020. This long anticipated upgrade which many thought could never happen brings full decentralisation to the project which weighing in at a whopping 1.6 million times more efficient than Bitcoin, is now the leading contender to become the biggest and most used cryptocurrency on the planet.
“1.6 Million times more efficient than Bitcoin”
The Cardano project has always prided itself on hiring the brightest minds and for the last few years, following a structured formal methods approach and working from first principles, they’ve been busy solving all the unsolved challenges in the cryptocurrency space.
“Formal methods, working from first principles”
Much of the work is at the cutting edge of cryptography and many scientific papers have been published from the research conducted. This research has been independently peer reviewed by the leading cryptographers of the world, which is a real first in the cryptocurrency space, and it’s papers have now been cited many times by leading academics around the world.
“Independently peer reviewed”
On July 29th all of this knowledge, expertise and ground breaking research which took years to build, and insight gained from several months of real world global scale testing, was released to the world, for free! This release is called Shelley, and it provides the world’s most advanced and fully scalable, future proof staking system the world has ever seen, providing the most stable and uncompromising foundations for the three remaining upgrades, Goguen, Basho and Voltaire, planned for this incredible project.
“World’s most advanced and fully scalable, future proof staking system”
So Shelley brings staking which pays great rewards to all stakers, and it also introduces decentralisation whilst being 1.6 million times more efficient than Bitcoin, but what about the 3 remaining pillars of strength still to come…
Goguen brings smart contracts and the ability to build DAPPS on the Cardano blockchain, and this is due to be released at the end of Q4 2020… with many partner companies…
Once Goguen is release Cardano becomes the best cryptocurrency in the world. But that’s not good enough for the creators of this forward thinking project, for there are still two more pillars of strength to come. And those are:
Basho which is all about optimising the performance of the blockchain, will introduce sidechains to make it truely scalable and interoperable with different accounting styles so it can easily operate alongside and interract with other projects such as Litecoin, Bitcoin, Ethereum etc etc etc. In this phase it’s being suggested Cardano could be optimised to achieve speeds of well over 1 million transactions per second. When compared to VISA and Mastercard which can only handle up to 2000 TPS the true potential of Cardano begins to become clear as the future of global currency.
Voltaire is where things begin to get really exciting, because Voltaire introduces voting. This enables every holder of Cardano’s native token ADA to have a vote on the future of Cardano, on which upgrades to work on next etc etc and is a complete game changer, because it empowers every person on Earth to be able to have a vote on the future of the system. This voting mechanism, which is completely encrypted, safe and unhackable can also very easily and cost effectively be used by governments to allow their citizens to vote in upcoming elections without any of the vote tampering witnessed in the world’s most recent elections.