- The Cardano blockchain, co-founded by Charles Hoskinson, is approaching a significant milestone with the upcoming Voltaire phase.
- This phase marks the fifth stage in the development of the layer-1 blockchain and introduces essential governance features.
- Hoskinson highlights the importance of this phase, emphasizing its transformative potential for the Cardano ecosystem.
Discover how Cardano’s upcoming Voltaire phase could revolutionize blockchain governance, laying the groundwork for a truly decentralized network.
The Introduction of Cardano’s Governance Features
Cardano is set to deploy a new node that brings two major governance upgrades, known as the Chang upgrades. These updates are designed to introduce and enhance decentralized voting mechanisms and various other governance processes.
Chang Upgrade 1: Decentralized Voting
The first update, Chang Upgrade 1, will bring decentralized voting capabilities to the Cardano network. This feature will enable community members to participate in governance processes directly, making critical decisions about the future development and direction of the platform.
Chang Upgrade 2: Advanced Governance Features
Following the initial upgrade, Chang Upgrade 2 will further enhance Cardano’s on-chain governance capabilities. This includes implementing systems for treasury withdrawals and delegated representative participation, ensuring a more robust and decentralized governance model.
Milestones on the Road to Voltaire
Charles Hoskinson announced that Cardano Node 9.0 is prepared for deployment by June. The release of this node signifies that Cardano is ready for the Chang fork, which is a prerequisite for entering the Voltaire phase. However, for the hard fork to proceed, 70% of Stake Pool Operators must first install the new node.
The Significance of the Voltaire Phase
Hoskinson has described the Voltaire phase as a landmark event for not only Cardano but the entire blockchain industry. It represents the evolution of Cardano into a decentralized global platform with advanced governance capabilities. Once fully implemented, Cardano will feature an annual budget, a treasury system, and the collective wisdom of its community to guide its future development.
The Future of Cardano: Community-Led Development
As the final stage of Cardano’s development roadmap, the Voltaire phase is designed to establish the blockchain as a self-sufficient and community-driven network. Once both the voting and treasury systems are operational, Cardano will no longer be under the management of IOHK (Input Output Hong Kong). Instead, the network’s future will be determined by its community, equipped with all necessary tools to innovate and expand from a secure and decentralized foundation established by IOHK.
Conclusion
In summary, Cardano’s transition into the Voltaire phase is set to revolutionize its governance structure, paving the way for a decentralized and community-governed blockchain. This significant milestone underscores Cardano’s commitment to creating an autonomous and innovative ecosystem, backed by cutting-edge governance features and the collective intelligence of its global community.
