On May 25, 2020, Charles Hoskinson, the creator of Cardano (ADA), revealed that his team has been working on the code for the long-awaited Shelley update that will take the ADA project from a static centralized project to a full-fledged decentralized masterpiece full with formal verification.
Hoskinson was talking about the adoption of Cardano and the importance of blockchain tech on Cardano partner’s YouTube show – TheCrypoLark. The agenda of the YouTube video was to give an update of what has been happening in the past several months on the Cardano project. Apparently, the upgrade will also integrate the Haskell code base, proof of staking (PoS) followed by stake pools.
Shelly is projected to mark the most significant sole update that Cardano has ever undergone, which makes this a fascinating time for the ADA project, hence the excitement around its community.
The Shelly testnet that kicked off in May 2020 was a huge success in securing data for the business model parameters behind the stake pools.
Currently, there are over 1,200 stake pools where some of the top operators from the testnet are trained on the new codebase, as they will be vital when Shelley Mainnet is released.
Cardano Could Get to a Trillion-Dollar Market Cap
With the Shelley node running, the launch of Cardano’s proof-of-stake era has never been closer, and the Crypto Lark show described ADA as a trillion-dollar sleeping behemoth of the crypto industry that is now awakening with Charles Hoskinson.
Hoskinson argues that the crypto space will soon grow from billions to trillions, as many young people under 35 years are more likely to use crypto than own stocks, gold, or bonds.
Moreover, Charles presumes that more governments will start adopting blockchain tech and provide clearer guidelines to regulate it, which will help foster the adoption of crypto in the mainstream financial system globally.
And when all of these aspects align, Hoskinson believes that ADA will be well placed to profit the most.
Some in the crypto sphere agree that the crypto industry could eventually grow to the trillion-dollar mark. Still, only time will tell if ADA will be the leading beneficiary of such a growth spurt.
Charles Hopes ADA will solve The Mining Problem
In his YouTube interview, Charles commented directly on Ouroboros, a proof of stake model that Cardano has implemented in preparation for the Shelley launch. He believes that the protocol is the first approach to solving the traditional mining problem.
Eventually the mining pools will become a few conglomerates due to the competition, and traditional mining on BTC will just not be profitable for average individuals, who don’t have the infrastructure to compete with the larger mines.
Charles elaborated that PoS is better because as more people stake their digital assets, the community grows in unison. Also, it promotes a healthier and more decentralized ecosystem throughout the lifespan of the project.