Cardano Shelley upgrade will spur competition, says Abra CEO

Cardano Shelley upgrade will spur competition says Abra CEO

Chief executive officer of Abra, Bill Barhydt, says that Cardano Shelley upgrade is set to increase competition in the smart-contract blockchain realm. Ethereum is the king of smart contract blockchains, and Cardano occupies the number two-seat. However, the latest Cardano Shelley update is set to change this trend as Cardano gears up to take on the bigwigs.

As per CryptoSlate, the market capitalization of ETH is higher compared to its competitors. However, the gap widens as one considers other factors like transaction fees and active users. ETH emerges as the clear winner in the overall scheme of things.

Ethereum collects massive mining fees compared to its peers. Additionally, Ethereum is popular among large companies when it comes to blockchain adoption due to its reliable network. Tezos and Waves are nowhere close in comparison. But industry veterans believe that Cardano Shelley is set to change all this and increase competition in the industry.

Cardano Shelley upgrade is rolling out

After a long wait, Cardano Shelley is finally out in the real world. This next Cardano development phase is set to bring about significant changes in the network. Just like the upcoming Ethereum 2.0, it promised significant changes, and many are part of the actual upgrade. For example, the incentives program is set to increase community participation and stake pools.

As per the official description, Cardano Shelley is set to increase the decentralized credentials of Cardano by 50 to 100 times compared to its peers. Shelley code was released on 1 July at the Shelley Virtual Summit. All the features were discussed in detail, and the hard fork will go live by the end of July 2020. Additionally, support for ADA staking will be made available by Coinbase.

Competition feeds growth

The Cardano community is upbeat about the Cardano Shelley. Bill Barhydt of Abra is positive about the crypto space. He says that competition is always good for the industry, and it promotes growth. It is required to increase the adoption pace and also bring about improvements in the crypto space.

Blockchain founder, Charles Hoskinson, agrees Bill’s viewpoint on Cardan Shelley. He adds that Ethereum would soon feel the rising graph of Cardano.


Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Best 5 NFT Analytics Tools to Spot New and Trending NFTs in 2022
Ripple price analysis: Price levels descend as XRP encounters bearish resistance at $0.5066
Kenyan Central Bank reiterates stance on crypto
Ethereum price analysis: ETH slowly peaks at $1,350 again, test of downside next? 
Neo price analysis: Bearish trend pulls NEO to $8.50 low

Follow Us

Industry News

Kenyan Central Bank reiterates stance on crypto
Is the demand for crypto as a payment method declining?
Why is the BoycottBinance hashtag trending today on Twitter?
Financial Empowerment through Bankless Systems
Weekly Crypto Price Analysis: BTC, ETH, SOL, XRP, and ADA