“It’s confirmed: Shelley arrives 29th of July at 21:44:51 UTC. “
We are on the precipice of a new world in which technology can deliver on the vision and possibilities of cryptocurrency on a whole.
IOHK_Tim created a comprehensive post to cover all of the basics and answer questions that many of the community have. We’ll try to cover the most important information here.
First of all, let’s talk about what’s happening tomorrow. Tomorrow, there will be a hard fork, which is the release of a major upgrade to Cardano.
This upgrade is called Shelley, which includes a new architecture along with new functionality and features. Immediately after the hard fork, we will be in the new world where the Cardano mainnet will be running Shelley.
Rest assured, if you hold ADA, you don’t need to do anything and it’ll be safe in your wallet or on your exchange. If your ADA is in a Daedalus wallet, you’ll be guided to move your ADA to a new version of the wallet once the Shelley mainnet is live. Throughout this process, it’s a good idea to stay connected via Twitter and Cardano.org
Also, come back here and we’ll be providing information as we learn it.
Probably the most important part of IOHK_Tim‘s post was the inclusion of the Delegation Cycle. The question everyone has been asking is “when can I delegate?”, and the question we all want to ask is “when will we see the first rewards?”. Knowing this, the Cardano team has done a great job of showing us the timelines in which everything will be happening.
Here are the main points:
- Delegation can start in Epoch 0, right after the switch-over to Shelley – Aug 29th
- A snapshot will be taken at the beginning of Epoch 1 – the first one on Aug 3rd
- During Epoch 2, the delegation that was done in Epoch 0 will be active – Aug 8th – 13th
- During Epoch 3, the rewards will be calculated – Aug 14th – 18th
- At the beginning of Epoch 4, the rewards will be distributed – Aug 18th
Cardano Canucks will be switching over to Shelley as early as we can to ensure people have the earliest opportunity to delegate and be eligible for rewards.
Pretty exciting stuff.