Cardano debuts IOHK Summit in Miami as new Shelley specifications released

Cardano debuts IOHK Summit in Miami as new Shelley specifications released

The specifications for Shelley, Cardano’s newest update that aims to bring “full decentralization” to the platform, was finally revealed. IOHK, the company behind Shelley, announced the key specifications that deal with everything from the design for the delegation and incentive mechanism to ledger rules.

Cardano Makes Big Announcement Ahead of the IOHK Summit

Charles Hoskinson describes the future of Cardano, “100 times more decentralized than Bitcoin” after Shelley
Related: Charles Hoskinson describes the future of Cardano, “100 times more decentralized than Bitcoin” after Shelley

Following weeks of anticipation fueled by numerous interviews that analyzed its potential, new Shelley formal specifications were revealed. The new project’s goal is to bring decentralization to Cardano (ADA) by handing control of the ledger over to the community via stake pools.

IOHK, the company behind the Cardano platform, announced the key specifications on its website on Apr. 16th, saying that it will allow them to verify that the final code is in line with what the researchers initially envisioned. Charles Hoskinson, the CEO of IOHK, celebrated this progress by tweeting:

The announcement was made just ahead of the IOHK Summit that is taking place on Apr. 17 and 18 in Miami, Florida. Hoskinson tweeted the following photo, noting the impressive turnout.

Shelley Officially Completed on Cardano’s Roadmap

To provide a smooth transition from the Byron era to the Shelley era, the Shelley code will be compatible with the Byron rules, IOHK said. To that, the company created specifications for the Byron era as well, detailed on their website.

Cardano provides new details on how users will earn Ada through staking pools
Related: Cardano provides new details on how users will earn Ada through staking pools

However, the biggest news of the day was the finished specifications regarding the design for delegation and incentives to be used in the Shelley release of Cardano. According to the document, Shelley will enable those who actively participate in the proof-of-stake consensus protocol to delegate their stake to a staking pool.

In order to prevent chain forks because of differences in calculated results, Shelley also brings about a new specification of the non-integral calculations in the ledger. IOHK defined the exact way to calculate “non-integral calculations” in the ledger for Shelley which uses “elementary mathematical functions” in order to produce a clearer specification.

The rules for extending a ledger with transactions have also been defined, with the company saying that they will affect both UTxO and stake delegation.

For more information, see:

Cardano | ADA

Updated: Apr 17 at 3:56 pm PDT
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Filed Under: Cardano, Price Watch, Technology
Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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