Cardano Shelley set to be large-market size PoS – Goguen Basho and Voltaire to FollowOctober 8, 2019
Cardano (Proof of Stakes) and Ethereum (Proof of Stakes) are on the cards to be launched during the first financial quarter in the year 2020.
Ethereum has been working to shift to PoS since 2014. The PoS concept has been around since 2012. Though POS is already in use on blockchain platforms like EOS, TEZOS, Cosmos, and several other tokens, there has not been any significant improvement in the usage of the platforms or any substantial increase in their market value.
Cardano might not be coming up with a new PoS in place; rather, they will be updating their already existing PoS platform on the public Network. Three transaction validators of Cardano are from organizations like Cardano Foundation, Input out Hong Kong (IOHK), and Emurgo. This validating structure was previously subject to lot of criticism for being too concentrated.
Shelley is the PoS upgrade that Cardano is currently concerned about. The current year has been great for PoS.
Tim Ogilvie, CEO of a staking service stated, “You’ve had millions of dollars of proof-of-stake assets running without a hitch and not spending billions on electricity costs,” he further added, “Now, you’re going to see big projects like Cardano and Ethereum taking these results even further. We’re excited.”
Cardano is one of the five or six large markets sized PoS coins in the cryptocurrency market space. Most of these projects are either launching with PoS, or they are moving to PoS.
User participation in PoS is encouraged by internal incentive mechanisms. The coordination costs are high when moving from the PoW to the PoS mechanism. It is not a trivial task, anyway.
Cardano has plans for “Goguen,” which is currently in the development phase. This is about adding a smart contract functionality, eventually enabling decentralized applications. The scalability of the Network should be increased, and to get it done, Cardano is coming up with the Basho phase. Voltaire, on-chain governance, is set to be completed by 2020.
The corporate and governance partnership for the Cardano Blockchain is with Hoskinson. Hoskinson is working with two teams of employees and contractors.
IOHK is the company run by Hoskinson, and he is confident that the company has amassed the technical knowhow to bring in the Cardano project to full fruition. Of note, Hoskinson used to be the original partner with Ethereum. He was asked to leave the project as Hoskinson wanted a corporate structure for ETH while Buterin wanted a foundation. Early days for Hoskinson’s victory, we need to see how Cardano unfolds.