- IOHK CEO Charles Hoskinson has announced the launch dates for the upcoming Incentivized Shelley test network.
- The preliminary snapshot date is November 29th. The launch will take place on December 09, 2019.
Charles Hoskinson, CEO of Cardano’s mother company IOHK, yesterday announced the long-awaited launch date for the “Incentivized” Shelley test network on November 25, 2019. After the Shelley test network was launched at the end of September without the “staking” functions, Cardano owners will soon be able to earn “real” ADA through “staking”.
“Incentivized” Shelley test network gets launch date
In a tweet Hoskinson announced yesterday that the “preliminary” date for the snapshot will be November 29. The launch of the “Incentivized” Shelley test network is scheduled for December 9, 2019, although Hoskinson’s Tweet says the date is not carved in stone:
Ok we got some dates. The tentative snapshot date will be November 29th, we will do an information dump on December 5th for all the staking rewards information including percentages and the testnet will be released december 9th. These dates are subject to development milestones.
The Incentivized Test Network allows ADA holders to receive rewards in real ADA when staking. This is the process of holding Cardano. Holders can join a staking pool and delegate their vote if they do not want to operate their own staking pool. On the official Cardano website the IOHK team provides an explanation of this:
The Incentivized Testnet will allow us to test something our earlier testnets couldn’t: real behavior — and real behavior requires real rewards. On the Incentivized Testnet, ada holders will be able to participate in the network and earn real ada through stake delegation or operating a stake pool.
Those who want to delegate their ADA to a staking pool and thereby earn Cardano (ADA) must keep their ADA in either one of the two Cardano Wallets, Yoroi or Daedalus at the time of the snapshot on November 29, 2019. Other wallets or accounts at cryptocurrency exchanges do not support the Shelley test network and therefore do not allow participation in the test network.
Alongside the launch dates, Hoskinson also said that the company will be releasing new information about staking on December 5, including what rates it can earn and other details about the test network reward system.
Cardano’s Shelley Era
For the Cardano project, the Shelley upgrade is a very important step in optimizing the decentralization of the network. Shelley introduces the delegation and reward system. The proof-of-stake network will enable users to delegate their stake to staking pools – constantly active community-driven network nodes and “be rewarded for honest network participation”.
At the end of the Shelley era, Cardano expects it to be “50-100 times more decentralized than other large blockchain networks”. The goal of the project is to achieve a balance of 1,000 staking pools, while as Cardano writes, current prominent blockchain networks are often controlled by less than 10 mining pools. As a result, they are exposed to a serious risk of being threatened by malicious behavior.
Despite the positive news, the Cardano price is currently following the general market sentiment and (at the time of writing) has only recorded a slight price increase of 0.6 percent.