The June Shelley project update was released by Cardano yesterday. Liz Bancroft, the product manager of IOHK gave the update on the official IOHK YouTube channel. She also stated the overall goal of the Shelley project. According to her, the main goal of the Shelley project is to make the network more decentralized. The three main functions of the project are, delegation, incentives and networking. The delegation gives stakeholders the power to delegate their obligations and rights to sign blocks to others. The incentives allow the stakeholders to get monetary benefits to ensure a smooth running of the system and follow the protocol. Networking promotes decentralization on the network infrastructure.
Shelly Project June Update
In June, the delegation research paper established the manner of delegation. The standard is such that users don’t lose their funds even if their keys get compromised. The Cardano team has been working on the delegation specifications stating details about how the scheme can be implemented in Cardano. The team is making sure that the design of the delegation is compatible with the incentive mechanism.
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The team in charge of the incentive research has proven that Nash equilibria is ideal and has the desired form of K-pools. The fundamental concept behind the game theory, which the team intends to apply, is that things will always settle down in the Nash equilibria in reality. The document for the incentive design showed that the Cardano team spent the whole of June verifying, fine-tuning, and refining the incentive mechanism. They made a minor simplification to one of the formulas.
The team in charge of networking identified many real-world case uses during testing and implementation. According to the project manager, they have what it takes to make the network usage more or less aggressive depending on the network requirement. The team identified the significant use cases. The team will use the Delta key measurement method to minimize latencies without creating outburst of performance.
The team is working hard to make sure that they stay true to the Oroborus paper.