Shelley Testnet starts successfully – Axtschmiede
Shelley Testnet starts successfully
To promote participation in the Shelley Testnet, Cardano has been paying out rewards to active testers since mid-December. The community seems to be actively involved in the testing process. More than a quarter of all tokens have already been delegated to staking pools.
The Cardano Foundation, IOHK and Emurgo are behind the blockchain platform Cardano . The best known name commonly associated with Cardano is Charles Hoskinson. From 2013 to 2014, he played a leading role in the Ethereum network. In 2015 he founded the company Input Output HK (IOHK). In addition to Cardano, IOHK also supports the development of Ethereum Classic and other cryptocurrencies.
According to the developers, Cardano is the first blockchain that was developed on the basis of a scientific philosophy and only after extensive research. Cardano uses a proof-of-stake mechanism called Ouroboros to find consensus. This promises a higher level of security than previous proof-of-stake mechanisms and thus protection against double-donation and 51 percent attacks. The Cardano platform’s cryptocurrency is called Ada.
Active participation in the Shelley Testnet by the community
By rewarding active testers, Cardano responds to a problem that many cryptocurrencies suffer from. A lack of community participation in the testing process can result in a publication being delayed or even containing critical errors. The success of the Shelley Testnet shows that this approach actually has a positive effect on the number of testers. Since mid-December, 9 billion Ada have been delegated to the staking pools . This corresponds to approximately 29 percent of the current circulating total.
Shelley, Shelley Testnet starts successfully
The aim of this new system is to achieve further decentralization of the network. The developers have set themselves the goal of encouraging the community to operate more than 1,000 staking pools. The higher the number of staking pools, the less likely individual pools are to attack the security of the network. So far, 428 pools have been set up, and the trend is still increasing. Under these circumstances, reaching the goal of 1,000 pools by mid-2020 is quite realistic.
Participation of the developers on the network
One of the most common criticisms of proof-of-stake projects relates to the token distribution. Some critics tend to measure the degree of centralization by the number of people or entities that together hold or control a majority of the tokens. In the case of Shelley, 1.9 billion Ada have been delegated to the IOHK pools. In addition, IOHK has announced that they want to delegate 1.1 billion Ada to 48 different pools that are operated by the community. According to Kevin Hammond , the Cardano Foundation and Emurgo also want to support the community pools through delegation. These figures have to be seen in relation to the fact that a total of around 31 billion Ada are in circulation.
If you want to interact with the Shelley Testnet, you can use special versions of the Cardano wallets. These versions are available for both the Daedalus Wallet and the Yoroi browser extension. However, operating a staking pool independently is subject to a registration fee. The likelihood that a pool will be selected for a new block depends on the total number of delegated Ada.
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Published at Sat, 28 Dec 2019 19:51:33 +0000
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