- Cardano (ADA), one of the leading altcoins, is on track to establish a fully decentralized ecosystem soon.
- The final stage of this extensive development process, which has been in the works for years, has been announced by Cardano’s founder, Charles Hoskinson.
- Hoskinson emphasized that this will be one of the most advanced blockchain governance systems, incorporating the collective wisdom of the entire community.
Cardano is set to transition to a fully decentralized governance system, marking a significant milestone in the cryptocurrency’s development journey.
Cardano Prepares for Decentralized Governance
The final phase of Cardano’s roadmap, known as the Voltaire era, is set to commence at the end of this month. As part of this transition, Cardano Node will be upgraded to version 9.0, ensuring a more robust and decentralized network infrastructure.
Stake pool operators within the ecosystem will be required to adopt this latest version. Following this update, a hard fork will occur, marking the official start of the Voltaire era and the shift towards decentralized governance.
Stake Pool Operators to Implement New Node Version
Once the Cardano Node 9.0 is launched, stake pool operators (SPOs) across the network are expected to upgrade to this latest iteration. This upgrade is critical for maintaining network stability and preparing for the upcoming hard fork, which will transition Cardano into the Voltaire era.
Upon successful transition, Cardano’s blockchain governance will no longer fall under the control of IOHK, the firm that initially developed the project. Instead, the management of the network will be entirely in the hands of its community members, fostering a truly decentralized governance model.
Advanced Blockchain Governance System
Charles Hoskinson stated, “Cardano Node appears set to reach version 9.0 in June. This implies that Cardano will be ready for the Chang fork, and we anticipate that 70% of SPOs will deploy the new node.” Hoskinson also indicated that a hard fork could then be executed to usher Cardano into the Voltaire era.
Hoskinson highlighted that the Voltaire era will introduce the most sophisticated blockchain governance system seen to date, featuring an annual budget, a treasury, and the collective wisdom of the entire community to guide future developments.
The initial phase of Voltaire will see the implementation of proposal CIP 1694. This will enable ADA holders to vote on key developmental issues, significantly enhancing the participatory governance model of the Cardano ecosystem.
Conclusion
Cardano’s journey towards establishing a fully decentralized governance system represents a crucial evolution for the blockchain. Empowering the community to play an active role in decision-making is expected to foster innovation and ensure the platform’s long-term sustainability. As the Voltaire era unfolds, stakeholders and ADA holders are poised to experience a more transparent and community-driven blockchain ecosystem.
