The market has been picking up the pace and in the past couple of days, it has proved that there is yet more to come. Cardano (ADA) is really skyrocketed in the recent bull market, as it passed Stellar for the 8th spot. But ADA didn’t stand at that spot for much longer, as it has dropped after the recent surge.
As Bitcoin picked up the momentum, the rest of the market gained and carried itself along in the same direction of BTC. But certain things are beyond the market because the crypto market has always proven to go down after a big bull run in the recent past. The main reason behind this is that short term investors take out their assets to earn the profit and due to this a massive drop appears in the market.
Moving on, talking about the bigger aspect of Cardano (ADA), it has now officially announced the release of Cardano 1.5 as it marks the beginning of a new era for ADA. The shifting of Byron to Shelley era is set to revolutionize the entire Cardano structure.
About six months back, Cardano started all its development work on the new Shelley code base and since then, they have kept on improving and progressing. ADA has been successful with the transition of Cardano 1.4 to Cardano 1.5.
This project of Cardano on Shelley codebase is an entirely new concept based on a new core. The basic aim is to rebuild the entire structure of ADA on a new and powerful blockchain ecosystem, which would include new staking and delegation functionality.
In the upcoming IOHK Summit, Cardano will explain this Shelley update in a broader manner. There would be proper mathematical specifications on the Shelley blockchain and as soon as, the entire project is totally complete, Cardano will be able to prove their new concept with evidence. This would be first of its type in the crypto industry with such a breathtaking idea of proving their blockchain implements their specifications or not.
So this explains what the Cardano 1.5 release is really for: it is the release in which the Byron code base begins to understands Ouroboros BFT, allowing ADA to complete the first managed hard fork in a few weeks’ time. After the hard fork, they will be in the transitional era using Ouroboros BFT and will be able to start deploying the new code base over time as it is developed. This is the new code base that will be used for the Shelley releases later but is initially still using Ouroboros BFT for perfect compatibility during the transition.
All in all, this update doesn’t explain many changes but is for sure is the beginning to a new era for Cardano (ADA) community and the future looks prosperous and there many aspects to look for ADA in coming time.