Cardano: (CIP) 1694 and launch of this new feature will drive ADA price – Can it hit $1? - ELEVENEWS
CIP 1694, a Cardano upgrade that will launch the network into the Voltaire era, has been getting a lot of community attention. Charles Hoskinson has commended the community efforts to study the CIP even as...
- CIP 1694, a Cardano upgrade that will launch the network into the Voltaire era, has been getting a lot of community attention.
- Charles Hoskinson has commended the community efforts to study the CIP even as developers roll out more tools on Cardano.
Cardano Improvement Proposal (CIP) 1694, an upgrade that will launch the Cardano blockchain into the Voltaire era, has received a lot of attention from the community recently.
According to its GitHub repository, CIP 1694 is foundational for decentralized decision-making which is what the age of Voltaire is all about on Cardano. The CIP got proposed for voting and adoption by Jared Corduan, software engineering lead of Cardano’s parent company Input Output Global (IOG), back in November.
Since then, the community has taken to studying it comprehensively. JCRYPTO, a Cardano-focused media outlet, has so far taken up the task of providing a breakdown of the details of the CIP. The platform released a video explainer of the “voting” section of the upgrade. A follow-up video has explained the “governance state” section of the upgrade.
Meanwhile, the effort has caught the attention of IOG’s CEO Charles Hoskinson, who is also the developer of the CIP. Hoskinson encouraged more community members to read the proposal and share their opinions on its pros and cons.
Glad to see the community going through this. I'd encourage everyone in cardano to do readings of the CIP and share your opinions both pro and con https://t.co/rvJ8eXTld1
— Charles Hoskinson (@IOHK_Charles) December 19, 2022
Notably, the CIP has several other aspects that will make Cardano’s transition into full decentralized governance smoother.
These include introducing a constitutional committee and features to enable the creation of a community-controlled treasury.
The existing governance mechanism of Cardano was introduced in the Shelly Era ledger, and it places control of the network in the hands of IOG, Emurgo, and the Cardano Foundation.
The firms, which are the founding entities of the network, currently control the seven keys of the main Cardano network.
This allows the firm to control the modification of protocol parameter values, initiate hard forks, and transfer ADA from reserves and treasury.
Will development activity drive the price of ADA to new highs?
The community’s excitement around the upcoming upgrades could drive the price of ADA to new price levels. At present, the token is trading at around $0.25, down 1.93% in the last 24 hours.
Meanwhile, the CIP is not the only source of excitement in the Cardano ecosystem. This week, dcSpark launched Carp, a new price indexer solution for the Cardano blockchain that will dbSync.
According to a recent announcement from the company, the indexer has already integrated the top three Cardano dApps.
They’re known as Minswap, Wingriders, and SundaeSwap. The indexer is also free to use, because it gets its price information directly on-chain and does not require an API to use.
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