Cardano founder is very excited about next big update

Cardano (ADA) is off to a strong start this year. The price climbed aggressively from around $0.25 to nearly $0.34 in the first week of 2023. That is an increase of no less than 36% and for the time being the ADA price remains above $0.31. According to Charles Hoskinsonthe founder of Cardano, this is just the beginning, and there will be a lot of great news for the crypto network this year.

Just you wait until CIP 1694 and the MBO unlocks the community. Millions of people working together for growth and utility

— Charles Hoskinson (@IOHK_Charles) January 8, 2023

Cardano Voltaire era

The recent price increase is reportedly due to the long-awaited launch of Djed, Cardano’s own stablecoin. Hoskinson took to Twitter to express his pride, saying that the Cardano community will only get stronger. He refers to a new proposal: Cardano improvement proposal (CIP) 1694.

What exactly is CIP-1694? This proposal should roll out the red carpet for Cardano’s next major phase. This phase is called the Voltaire era. Just like Ethereum (ETH), for example, Cardano also uses different phases, or eras, during its development. Voltaire must transform the Cardano network into a fully decentralized system.

A democratic crypto network

According to Hoskinson, Voltaire will be the example for the entire crypto industry of how a decentralized crypto network should function. In the past we already discussed the details of this expected Voltaire phase in detail. It will include a democratic voting system and a treasury managed by the Cardano community.

The Voltaire update is expected sometime at the end of this year. It is, of course, too early to say whether it will by definition have a positive influence on the price of ADA. The previous significant update, the Vasil hard fork, took place in September last year. This turned out to be a “buy the rumour, sell the news” event. The price was able to rise slightly in the run-up to the update, but then quickly resumed its downward path, just like the rest of the market.

Either way, the Voltaire update will be a revolutionary change for the Cardano network. Should it turn out as Hoskinson predicts, it will be a first in decentralization within the crypto sector.