Cardano launched the Shelley update and opened a decentralized project Catalyst Fund

IOHK launched the Cardano project’s Shelley update, introduced the Atala PRISM decentralized lending system, and opened funds for developers and ADA holders.

This was stated by IOHK CEO Charles Hoskinson at a virtual conference on the Cardano project. Hoskinson announced the rollout of the long-awaited Shelley update, which began on June 30. After July 7, ADA holders will be able to move coins to wallets that support the upgrade. ADA coins will also be available for betting.

In addition, IOHK announced the launch of Atala PRISM, a decentralized identification system where participants will be able to access decentralized Finance (DeFi). Hoskinson explained that with this system, people who do not have access to banking services will be able to get loans. Users themselves will control their data in the blockchain, without passing it to government authorities. According to Hoskinson, this system is already being tested by the Ethiopian government.

The company also announced the opening of Project Catalyst, a decentralized Fund for ADA holders. Project Catalyst will allow making proposals and voting on further development of the platform. Currently, the system is under testing and consists of four components: a blockchain management node, a control Protocol, a voting application, and experimental programs that determine the stability of the system.

In addition, IOHK launched a $20 million developer Fund called “cFund” in partnership with Wave Financial Group. These funds are intended for companies and projects that develop the Cardano ecosystem. Recall that in may, Cardano began working on creating a microchip that will allow you to pay for purchases with cryptocurrencies, and in April, the project released a new version of the Daedalus 1.0.0 wallet with accelerated synchronization in preparation for the Shelley update.