Cardano's (ADA) price rose by 60% in the week after Cardano's co-founder Charles Hoskinson announced the Shelley Update Plan on a YouTube podcast with Lark Davis, alias Cryptolark.
Shelley would have the network upgraded from a centralized network to a dispersed one via the Shelley Protocol Update by July 7th, as viewers were told about sting bonuses and hard fork information.
This is a major shift in protocols for any blockchain project, as per Hoskinson:
"This is like modifying Ripple 's consent protocol [...] No crypto has ever achieved so on this scale since they've rolled out."
With the official launch less than a month out, the price rose dramatically from $0.055 to $0.088 and the average trading rate grew by more than four times.
In the last two years, two teams of developers from IOHK, the company that manages Cardano 's development, have been designing two separate implementations of the sketch protocol — the Byron-derived solution (currently live) and the Shelley-based Haskell method. Hoskinson confirmed that Cardano would be switching to the Shelley Procedure by early July. "The current protocol, Byron, has been out for about two years now."
Presently, the Shelley Incentivized Testnet, or ITN, is conducting final tests prior to launch. The ecosphere maturity has led to a large number of followers and node providers already in the innovation loop of the project, with 1,200 node operators on the ITN.
Source: Cointelegrah
