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Cardano’s POS Blockchain is ready for staking operations after the Shelley hardfork
Finally, Cardano transitioned into the Shelley era after the hard fork of July 29th. Now staking features get activated in the network and staking pools that operate the network will start producing blocks. So, the foundation for a Proof of Stake(POS) blockchain is ready.
However, still the Cardano Blockchain is not ready for DApps to be built on it as this blockchain has a few more phases in its development to pass to become that blockchain that’s ready for the deployment of DApps, and creation of custom tokens representing tokens of blockchain projects that get built on Cardano’s Blockchain.
Development phases of Cardano Blockchain
Further evolution of the Cardano Blockchain required for it become a platform for building DApps
The next development phases for the Cardano Blockchain to pass through are - “Voltaire” ,“Goguen” and “Basho” eras. The “Voltaire” phase will bring forth a Governance system to guide the decentralised functioning of the blockchain while “Goguen” would embed on smart contract capabilities into Cardano’s Blockchain, while the “Basho” era will enhance the scalability of the Cardano Blockchain so that DApps with high volume transactions can be processed effectively without compromising on security.
CEO of the Cardano’s project confident about Cardano’s definite enterprise adoption by next year
Although Cardano still is getting geared to be ready as a Blockchain platform for DApp development, the project’s CEO Charles Hoskinson is confident that by next year Cardano will have thousands of DApps and many interesting projects.
Charles Hoskinson Image Source
Quoting him -
“This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate”So, one can expect further upgrades of the Cardano Blockchain happening soon, for the Blockchain platform to be buzzing with DApp activity and projects next year.
ADA’s staking mechanism in the current Shelley Era - Explained
Coming back to the present Shelley stage of Cardano, it’s POS framework is activated with the staking mechanism. So, ADA holders who delegate their stake to stake pools can earn annual returns of 4.65%. While stake pools operators can produce blocks and process transactions.
Staking operations run in Epoch time frames, where each Epoch equals five days. This diagram explains the initiation of staking operations that’s already started from July 29th.
It explains Epoch time frames, beginning with registration of stake pools and ADA holders delegating their stake. Then in the next Epoch stages, staking pools produce blocks, rewards of Incentivized testnest (ITN) users are first given out, then stakes of ADA holders are calculated and distributed.
Reference site -: https://cryptobriefing.com/cardano-launches-shelley-mainnet-offers-staking-rewards/
Cardano is late in its development as many Blockchain platforms are ready for use
Cardano is emerging as a Blockchain platform quite late ofcourse, as the Ethereum Blockchain is dominating the blockchain space as the go to platform for DApps with more than 3000 dApps and 200,000 custom tokens built in it. There are other Blockchain platforms in the Blockchain ecosystem - Tezos,Cosmos that I heard have already initiated the staking process quite a while ago and are developed enough for DApp deployment.
Ethereum is yet to initiate staking with it’s POS Blockchain mainnet launching soon this year!!
Ethereum, is the only Blockchain platform that is yet to start it’s Proof of Stake staking process, and Cardano has already overtaken Ethereum in that stage now. There is definitely ripe competition prevalent now on the Blockchain space, so ladies and gentlemen keep your eyes open for further interesting and exciting developments.
