Cardano spikes over 5% as Shelley testnet goes live

23 Jun, 2019
by Richard Allen
Cardano spikes over 5% as Shelley testnet goes live

Cardano has surged over 7% at the time of writing after news recently broke that Shelly, one of the most anticipated steps in Cardano's development, saw its testnet go live. According to the official announcement on the Cardano website, the testnet went live on June 21.

As per the website, the Shelly testnet provides a way for users and developers in the ADA community to experiment with staking and help build up a collection of stake pools on the network.

The website continues, stating the stake pool testnet will be rolled out in three different phases, with each phase seeing the delivery of core components. The first phase provides the ability to hose a Rust self node, establishing the basic configuration of stake pools.

The second phase will see the connection of various nodes and the development of a single unified testnet, while the third phase will add in the delegation and incentives scheme to reward participants for honest participation across the network.

Earlier this month, Charles Hoskinson, CEO of IOHK, discussed the company’s plans for the future, where he noted their goal of making Cardano 100 times more decentralized than Bitcoin.  At the time of writing, ADA is up 5.50%, trading at $0.0099.

ADA/USD chart provided by Tradingview

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