It is no longer news that the Cardano protocol on July 29th 2020 hard forked and upgraded from Byron to their new mainnet called Shelley. They are unlike a certain top project we all know, who I love by the way, but keep promising a Hard Fork and postponing every single time. The upgrade brought with it so much potential and barely two weeks into life with Shelley we are beginning to feel and experience some of the impact of the upgrade to the Cardano Community and in fact price in general. In this piece I will be looking at two aspects in which the Shelley upgrade is influencing positively.
First, the upgrade had made Cardano one of the most Decentralised Blockchain networks. The Shelley upgrade moved Cardano to a Proof of Stake model and holders of Cardano's (ADA) can stake their tokens and grow a passive rewards from their staking earnings. Much more than the rewards, it also gives those who choose to stake a part in the consensus of the Cardano Blockchain. They have a say in governance and that has made Cardano truly a Decentralised. In fact 50-100 times a more Decentralised and scalable network than most other Blockchain networks, and they are the kind of dream I'm sure Satoshi had when he created Bitcoin.
The second effect of the Shelley upgrade is that it has made Cardano more marketable. In the Blog post by Bakyt Azimkanov, Cardano's Global PR and Communications Director announcing the upgrade. He said the upgrade would make Cardano the right choice for financial institutions who wished to leverage decentralised infrastructure, also it would welcome pharmaceutical companies seeking traceability solutions, it would aid in the authentication of retail and luxury goods, and it would support agricultural producers for supply chain tracking. All these institutional investors now have eyes on Cardano and it's no surprise that the market is reacting positively to the Upgrade. Cardano's ADA token is doing remarkably well, and the token has seen a market cap boom from around $1 billion to around $4.5 billion. In just two weeks since upgrading to Shelley, there are now around 770 ADA staking pools. Crazy crazy times to be part of Cardano indeed.
With more big news coming up like Cardano going into Defi, Cardano working on DAPPs, Cardano delving into smart contracts and creating enterprise use-cases I can only see big things on the horizon for Cardano and their token ADA. I would advice you to get yourself a bag pretty soon because the ride will be to the moon next.
DISCLAIMER: THIS DOES NOT IN ANY WAY CONSTITUTE FINANCIAL ADVICE. THE WRITER WILL NOT BE HELD LIABLE FOR ANY FUNDS LOST. INVESTING IN CRYPTOCURRENCY IS RISKY, SO ALWAYS DO YOUR RESEARCH.