Cardano Gold coin

Weiss Ratings: Shelley is a Small Step for IOHK and a Giant Leap for Crypto

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Shelley, one of the most important updates to the Cardano (ADA) network is expected to be a “giant leap” for the cryptocurrency market. This is according to Weiss Crypto Ratings that wrote a tweet related to the matter. Shelley will allow Cardano to continue its path towards decentralization and increasing participation of the Cardano community. 

Moving Towards Shelley

Cardano is expected to finally transition towards Shelley, which is expected to take around two weeks from now. The team behind the Cardano network has focused on offering a low-risk transition wih¡thout service interruptions and testing all the implementations to be sure they were working properly. 

Weiss Ratings, the first rating agency for cryptocurrencies in the world, informed that the official launch of Shelley is going to be “a small step for IOHK” and a “giant leap for crypto.” Many users and Cardano supporters believe this is going to be a game-changer in the industry considering the hard work the Cardano team has placed on this implementation. 

Shelley is an important upgrade for the Cardano network because it will be the beginning of a delegation and incentives scheme in order to increase ADA adoption by the community. With this increased number of participants on the Cardano network, it will be possible for the whole network to be more decentralized and robust in terms of security. 

Individuals will be able to stake their ADA coins to participate in the network by delegating their stake to specialized stake pools that will be rewarded for their participation with ADA coins. In this way, Cardano is expected to become between 50 and 100 times more decentralized than traditional blockchain networks in the market. 

Cardano, in this way, is expected to become one of the most advanced digital assets in the market. This could have positive effects on the price of Cardano, but this remains to be seen considering altcoins usually follow the general trend of the market. 

At the moment, the incentivized test network (ITN) deployed by Cardano has been running since 2019 and it is expected to continue operative for the next weeks. The goal is to properly support a stable transition to the Shelley mainnet. Once the Shelley mainnet is running stable, it will be possible for Cardano to shut down the test network and finally transition to the mainnet.

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