Cardano Is Looking To “Imminently” Launch It’s Biggest Update Ever – Charles Hoskinson Preparing For Take Off

Cardano Shelly Launch

One of the projects I have never been shy about in this space is the formidable and academically renown Cardano project. In the recent interim the founder, Charles Hoskinson, has returned to ramping up the marketing and fire-side chats by appearing across the industry in surprise AMA’s and YouTube videos constantly. Most recently, Charles delighted us by appearing on the Cardano partner’s YouTube show – TheCrypoLark.

Nothing should be considered Investment or financial advice. Enjoy the ride.

Charles Community Update – Release Imminent

The main topic of the YouTube appearance was to update the viewers and listeners on what has been happening with the Cardano project in the past several months since his last appearance on the show. Thankfully with the world flipped upside down from Covid, the development has not stopped at all on your favorite project or token ADA.

In fact, the Cardano ecosystem has consistently posed more commits to their Github page than any other blockchain team on the market including their main rival Ethereum. This basically means they are building constantly and making more updates, changes, and revisions faster than any other project currently across the entire market. That is impressive to say the least.

Shelley Project

What they have been working toward or updating the code to specifically is the long awaited Shelley update. Remember, this is the big time game changing update that will take the Cardano project from a measly static centralized project to a full fledged decentralized masterpiece full with formal verification, Haskell code base, proof of staking followed by stake pools, and just a slew of other predicted and anticipated features.

“It is a completely new system, a new code base.”

Charles Hoskinson

Once this launches, it will be the first out of the entire market of it’s kind. More than that, this will probably be the biggest sole update the Cardano project ever under goes. This is clearly an exciting time for the Cardano project, so Charles is trying his best to spread the news. They have been doing releases on a 2 week schedule basis and planning for this launch for years to come. Even since December the team was preparing for this final move over by launching the Shelley testnet that allowed stake pool operators to participate with the launch.

If you build it they will come. And they did!

-Charles Hoskinson

The Cardano project is continually raising the bar with these releases, implementations, and the community has time after time proven to raise the bar just as high. The testnet was a huge success in securing data for the business model parameters that will be behind the stake pools. In addition, there are over 1,200 stake pools at this point, and some of the top operators from the testnet are being trained as we speak on the new code base in order to help with the training once Shelley is released.

While the community involvement is exciting, one of the most intriguing obstacles that the project had to over come was the proof of stake business model and fundamentals.

Why is Ouroboros Special

The proof of stake model that Cardano has built out is called Ouroboros. After more than 6 academic research papers and thousands of hours coding and developing it, the protocol for consensus is finally ready to be released.

Charles commented directly on the consensus method referring to it as a first principals approach to the traditional mining problem. The first principals approach means, they broke the idea down into its fundamental issues and formed solutions at the base layers of ideology before moving to putting any code together. He defines the Ouroboros protocol like this:

It’s a first principles new way of achieving consensus that keeps the stuff you know and love from Bitcoin that’s very useful and great, but then does it in a much more sustainable and energy friendly way that allows you to layer on many more utilities than just mining to the system. It does so in a way that makes it attract a lot of competition and businesses unlike compared to traditional mining.

-Charles Hoskinson (Paraphrased)

Clearly Charles thinks they are onto something special. Although what makes proof of stake so special that it needs thousands of hours of development and fine tuning?

Proof of Stake Advantage

Charles goes a bit into this debate as well. He loves the proof of mining model, but as we can guess it is not sustainable. Eventually the mining pools will become a few conglomerates due to the competition. Basically, unless you have 50-100 million dollars to spare, traditional mining on Bitcoin will just not be profitable for you, and you will not have the infrastructure to compete with the larger mines.

With proof of staking, the opposite is true. As more people stake their assets, the community grows in unison and it promotes a healthier more decentralized ecosystem over the life time of the project. In short, the proof of staking consensus protocol is more sustainable than the traditional mining idea. More so, the proof of staking allows people flexibility that mining does not.

Mining Logistic Issues

For instance, we all know there are a large amount of mining farms in China. This is great and all, but what if China decides they want to ban mining all together? What are these mines going to do in that circumstance, they have all of their equipment to consider if they want to simply move to another location.

Flip the script, if that same mining farm was simply staking all of their assets on the network and only hosting their pool in China the story is much different. The farm could simply switch the network to host off of a more friendly network in another country without having to move hundreds of mines and worrying about physical limitations.

As we can see, staking is a much more economically friendly consensus method, and a much more sustainable method long-term for the lifetime of the project. Traditional mining is not bad, is just comes with its native challenges and limitations.

Cardano Price Action

In particular, investors will be watching the price action of Cardano very closely this year.

We could potentially relate the Cardano release of Shelley, to the initial Ethereum updates that allowed the ICO craze of 2017. That might be reaching, but there really is not any game changing updates coming soon otherwise on the market, and with the market already gearing up to surge, Cardano could easily jump into the focus. The other side of the coin is that this could be a traditional buy the rumor and sell the news kind of deal with Cardano already pushing back on it’s price levels.

If there is not a strong push up in price to around $.08-$.10 on the release, I would be willing to bet a stronger push will soon follow similar to the Ethereum bump in 2017 which would be great to put this project back in the top 10 and potentially top 5.