Cardano is just some few steps away from complete decentralization following the successful hard fork and the subsequent implementation of Ouroboros BFT.
This update links the Byron phase with Shelly, a critical phase that readies the platform for smart contracting capability while ensuring complete node distribution, an edge in blockchain circles.
Ouroboros is the first Proof-of-Stake consensus algorithm that is backed by research with baked-in security.
Unlike Ethereum, which was forked from Bitcoin and improved, Cardano was developed from the ground up.
Beginning in 2017 when the foundation was set with Byron, the Cardano development team led by Charles Hoskinson under Input Output Hong Kong (IOHK) has been unwavering and resilient.
For example, in the great crypto winter of 2018 when projects were folding following deep price slumps, the team assured the crypto community of their will to wade through bad asset prices—as it wasn’t their motivation, and achieve the bigger picture.
Since then, Cardano has trudged through their roadmap despite occasions of delays.
With Shelly integral to Cardano, IOHK and Charles have repeatedly stated that quality supersede speed.
Although they had timelines, he explained, the team would not be tied and instead launch when underlying code has been satisfactorily audited, and processes confirmed.
The announcement of the successful implementation of Ouroboros BFT is therefore yet another milestone, a few weeks after a successful Proof of Stake incentivized test net.
The test net proved without a doubt that the Cardano network could reward their users once Shelly is operating at full throttle.
Aside from that, there will be a delegation scheme in place. Combined, Shelly will eventually be 50-100X more decentralized than Bitcoin.
Bitcoin uses a different consensus algorithm: Proof-of-Work. Critics have an issue with its energy intensive nature.
Even so, it remains sturdy, robust, and with enough participation, hacker proof. At equilibrium, Cardano should have 1,000 stake pools.
Compared, leading Proof-of-Work systems are centralized with less than 10 pools controlling processes.
Cardano says the Shelly era “represents the natural maturation of the network, making it more useful, rewarding, and valuable for users new and old.”
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