- Cardano’s “Shelley” upgrade spurs competition in the crypto space
- Cardano now matches Ethereum as one of the best network’s for smart-contracts
- Coinbase will eventually start supporting ADA staking
Cryptocurrency News Today – in terms of smart contracts, ETH’s market cap is a higher order of magnitude than that of Cardano, the second-largest platform for smart-contracts. In terms of smart contracts, the difference between Ethereum and other offerings is more pronounced when you consider the metrics on active users, and confirmed transactions as well as transaction fees paid.
Chris Burniske of Placeholder’s Capital, shared an image in December, showing the mining fee aggregate paid on Ethereum compared to that of Tezos, Lisk, and Waves. The image showed the other three networks collected lesser aggregated fees (under $500,000 in mining fees). Meanwhile, Ethereum alone has collected a whopping $70 million in mining fees. This dominance will change soon as Cardano rolls out the Shelley upgrade.
Shelley Era Will Place Cardano in Competition With Ethereum on Best Network for Smart Contracts
It is safe to say Cardano’s “Shelley” upgrade is rolling out finally. At long last, following years of development alongside many months of testing and optimizing, the Shelley upgrade is finally here. For followers who aren’t aware of the Shelley upgrade, Shelley is the next phase of Cardano’s development. It is similar to Ethereum 1.0 and Ethereum 2.0 upgrades (which is still in the development phase). According to the Cardano Foundation via their website regarding the Shelley upgrade:
“Shelley will see the initiation of a delegation and incentives program. It will be a reward system to drive community adoption and stake pools. By the end of the Shelley era, Cardano is expected to be 50-100x more decentralized than any other large Blockchain network out there.”
During the Shelly Virtual Summit, a digital code for Shelley was released. The node software was deployed on July 1 and it contains the entire Shelley features. Shelley is set to go live after a hard fork at the end of the month. Finally, during the Shelley Virtual Summit, it was confirmed that Coinbase exchange will soon support ADA staking.
The Cryptocurrency Space Needs Competition
Cryptocurrency commentators are positive about the Shelley upgrade. Abra’s chief executive Bill Barhydt is bullish on Cardano. Barhydt who is also a former employee at Goldman Sachs and the CIA spoke about Cardano’s Shelley upgrade and the impact it would have for the crypto space in a blog post. In his words:
“Many are bullish on Cardano and expect good things. Meanwhile, others feel if the project fails to deliver, it could trigger a precipitous drop in the value of ADA. I believe competition in the crypto space is a great thing. This is exactly what space needs to accelerate the rate of improvement and adoption.”
The founder of Cardano’s Blockchain, Charles Hoskinson agrees with the above statements. He told Ryan Selkis, Messari’s chief executive, that Ethereum will feel pressure from Cardano in the Shelley era.