Cardano’s Shelley update ‘definitely coming’ by Q1 2019: CEO Charles Hoskinson
Cardano [ADA] co-founder and CEO, Charles Hoskinson, has confirmed that the Shelley update will be released before the end of April 2019, if not by the end of this year. In its road map, Cardano had said earlier that it was expecting to roll out Shelley by Q2 2018.
However, in a recent interview with Tai Zen and Leon Fu of Cryptocurrency Market, Hoskinson revealed that “some version of Genesis will ship with Shelly” in Q4 this year or the first quarter of 2019. He said that 90% of the work had been finished as Shelly was ready from the design point of view; but things related to its implementation were still being tweaked a bit.
“At the moment, that probably is going to be from Q4 to Q1 – either this year or Q1 of 2019, because we also have to figure out how we are going to do staking pools. We need to give community some time to test that through the testnet. There is a burning period that you need to play around with. This is something either at the end of this year or next year. We are going to be at a point where we almost flip a switch and it’s running, and by the end of the Q1 it’s definitely coming,” said Hoskinson when asked about Cardano’s plans on rolling out Proof of Stake – the Ouroboros.
Crypto enthusiasts are eagerly awaiting for Cardano’s Shelley phase because the technology behind it will not only become fully decentralised but also autonomous. According to Cardano’s roadmap, following developments are expected from its Shalley phase: open Ouroboros delegation, enhanced Wallet backend, multiSig transactions, quantum-resistant signatures, light client mode, consensus and incentive fees, human-friendly addresses, voting centre, networking, paper wallets.
On being asked whether the company was getting rid of Proof of Work and going to go to purely Proof of Stake or it had a hybrid system, he said:
“100% Proof of Stake. Because we know that Proof of Stake works and is secure. You don’t need checkpoints and you can bootstrap from Genesis so we have longest chain rule. That was Ouraboros’ genesis – big advancement – and it should be dramatically faster than any Proof of Stake system.”
The Cardano [ADA] co-founder also revealed his company’s plans of launching a wallet in August that is going to be more secure than light node wallets prevalent in the market.
“A lot of wallets that people construct these days are light nodes which means they have to be connected to a source like a server. What’s concerning is that sometimes when this is done not only do you connect to you a server to get to the UTXO, but you also using server for to key management. Which means that you don’t even control your private key, the server is controlling it,” he said.
“We have tried really hard to come up with a compromised solution which means you can keep your keys, you can keep your assets but then you still trust third parties for certain things. In exchange, you get much better performance. We are coming up with a wallet which is pretty awesome. Come august a new wallet is coming out. It’s gonna be pretty awesome. It’s different from Daedalus. If anybody is having Daedalus-related issues, I think you’re gonna be really happy,” he added.
Speaking about Cardano’s monetary policy going forward, Hoskinson said that they were planning to keep the inflation rate at around 5%.
“We batted around the idea around saying that we’ll have a maximum ceiling like Bitcoin has 21 million, for [ADA] 45 billion. Then its a matter of how quickly you want to go there. So, we have been toying with the idea of about a 5% inflation rate that monotonically decreases as it gets closer and closer to that 45 billion.”
“Generally, when you look at these models, you say, okay well, at some point the value appreciation of [ADA] as well as increase of transactions in the system should be able to compensation the reduction in the inflation. Some of this are kabuki and some of it is game theory,” he said.
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