IOHK also announced a new digital identity system and a governance project for Cardano .

• IOHK has started to launch its Cardano , Shelley upgrade .
• During a virtual conference, the company also presented Atala PRISM, a decentralized identity system whose participants can access decentralized financial services.
• IOHK has established a partnership with Wave Financial Group and set up a development fund, which will total $ 20 million.

The blockchain company led by Ethereum co-founder Charles Hoskinson, IOHK, today organized a virtual summit for its main crypto project, Cardano .

At the Flash Summit, IOHK confirmed that it had rolled out its long-awaited Cardano upgrade , "Shelley"; launched a decentralized identity system, Atala PRISM; a new governance model for Cardano ; and a $ 20 million development fund for IOHK.

Here's a look at what's coming up for Cardano :

Double up on Shelley

The IOHK “confirmation” actually reiterated today its biggest news of the week: the deployment of Shelley on the main Cardano network on June 30. The main network is the public and official implementation of a blockchain network (as opposed to a test network). 

The blockchain company said people can use the main network starting July 7. From then on, holders of ADA , the platform's native token, can transfer their funds to a wallet that supports the new upgrade. They will also be eligible for staking.

A decentralized identity for all

IOHK also announced the launch of Atala PRISM, a decentralized identity system that promises to respond to one of the biggest ambitions of the blockchain: "bet on the unbanked". The application for Atala PRISM was launched on the Android App Store on June 30. 

Atala PRISM will give people, including those who do not have access to a bank account, "autonomous identities" with which they can access decentralized financing services (DeFi). Flash loans for everyone! 

Because decentralized identities are on the   blockchain  , users control their own identities and do not have to put their identities in the hands of a government. IOHK said the technology is currently being tested with the Ethiopian government. 

Project catalyst

Cardano also announced the launch of Project Catalyst, a decentralized cash fund for holders of the platform's native tokens. With Project Catalyst, they can propose and vote on projects that further develop the platform. 

The system, currently in pilot phase, will ultimately include four components: a governance blockchain node; a   governance protocol ; a voting application; and a set of experiments (called Catalyst0, Catalyst1, Catalyst2) that determine if the system is doable.

"Today's announcement marks the beginning of the deployment of Project Catalyst, with calls for proposals to be announced later in July," he wrote. 

Development Fund

Then, the new IOHK development fund, the “cFund”. In partnership with the Wave Financial Group crypto asset management fund, the fund will total $ 20 million and provide money to businesses and projects to build Cardano's ecosystem .

IOHK will shell out $ 10 million and Wave is raising the other half. "This provides several years of trail to target start-up and start-up opportunities," wrote IOHK. Typical investments will total between $ 250,000 and $ 500,000.