It has been an exciting week for Cardano, with the ongoing rollout of the Shelly public mainnet electrifying the ADA community and sending the token’s price rocketing higher.
The transition to Shelly is expected to increase the blockchain’s scalability and decentralization – two components vital to its future success.
The CEO of Cardano’s parent company, IOHK, remains confident in ADA’s future, even recently noting that its code is some of the “highest quality” ever written.
Cardano claims the spot as eighth largest crypto amidst Shelly transition
Cardano (ADA) has been able to garner some significant momentum in recent times as a result of the recent Shelly launch.
Its price rallied from weekly lows of $0.075 to highs of $0.096 before it met some resistance that subsequently caused it to decline to its current price of $0.093.
A CryptoSlate report from yesterday took a dive into the on-chain factors backing this movement, and it does appear that it could be highly sustainable.
It is also important to keep in mind that much of Cardano’s momentum has been news-driven, which may either help fuel further gains or result in a “sell the news event.”
The latter possibility will become more likely if there are any problems with the Shelly rollout.
The ongoing Shelly Virtual Summit – hosted by IOHK – has also fed the community with an abundance of notable announcements, including several new development projects.
For an in-depth look into these announcements and a breakdown of the first day of the event, take a look at CryptoSlate’s report here.
Charles Hoskinson, the CEO of IOHK and the man behind Cardano, teased in a tweet from earlier today that they have some other big announcements saved for tomorrow.
Presently, ADA’s price has yet to react to any of today’s announcements, as it is currently stable just below its multi-month highs that were set yesterday.
Charles Hoskinson: ADA code’s quality on par with that of NASA and SpaceX
In an interview from last week, Hoskinson expressed immense confidence for the future of Cardano, explaining that the blockchain is underpinned by some of the “highest quality” code the crypto industry has ever seen.
“We’re speeding up and accelerating and we’re doing so with some of the highest quality code that’s ever been written in the history of our space because we’re using a really scientific language Haskell and we’re using formal methods… that which is the same engineering standards that NASA uses and SpaceX uses for their rockets.”
He further added that Cardano has “more PhDs and mathematicians” on their team than any other cryptocurrency project, which he contends gives it a serious edge over the competition.
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