- Cardano Testnet set the pace for other blockchain technology
- Cardano Shelley Testnet provided Real-World staking rewards
Cardano co-founder, Charles Hoskinson took to his Twitter page to inform the Cardano community on the progress with the Shelley incentivized testnet. It news came in the form of welcome news, disclosing minor issues on the testnet and that the staking process has been a success.
The tweet went thus: “Very happy about the launch. Lots of minor issues and intermittent bugs reported. We will cut a new release with updates to Jormungandr, the wallet backend on December 23rd to sweep up these issues. Merry Christmas.”
Hoskinson stated that further work is needed on the testnet to sort out the minor issues, but in general, he is satisfied with how the project is progressing. The first ADA balance snapshot occurred on November 29, 2019, since then, the testnet has developed via several phases. The most recent event was the release of the Rewards Wallet on December 16, 2019.
Cardano (ADA) Price Today – ADA / USD
From the ADA token holders, who partook in the testnet could give their tokens with an option of stake pool operators. The reward being more ADA token, which can be spent after the testnet has been finalized. At that point, the testnet will incorporate with the mainnet, changing the Cardano blockchain into a decentralized network.
Cardano Shelley Testnet Provided Real-World Staking Rewards
The major ideology of the Shelley phase is decentralization. Also, with the recent developments on the testnet, the Cardano network has taken a major step in achieving its aim. By rewarding allocation and encouraging third-party stake operator pools, the developers, IOHK, desire to make Cardano the most decentralized network in the crypto sphere. There are currently. 466 staking pool partaking in the testnet, though Cardano is aiming to fascinate about 1000 operators into the network.
The requirement needed to enter to operate a staking pool with Cardano is quite low compared to other blockchains. This is a strategy to dissolve control over a bigger group. And, as a Proof-of-Stake network, computer processing power and electricity become secondary.
According to the official requirement released by IOHK, the barest requirement for operating a Cardano staking pool include 4GB of RAM, a good network connection with 1GB bandwidth, and a public IP4 address. The process has been made quite easy for people to be able to operate. Unlike Bitcoin, where the network operates below 20 large mining pools, of which, an overwhelming 81% of that volume is concentrated in China. Cardano can be term as the people’s currency because of its ease of use.