Cardano network saw substantial growth in its ecosystem during Q2 2023. One notable metric was a 49% quarter-over-quarter increase in transactions on decentralized applications (dApps) built on Cardano.
This indicates the growing adoption of Cardano’s smart contract capabilities, which allow developers to build dApps on the network. Charles Hoskinson, founder of the Cardano blockchain, recently announced the launch of a website for SanchoNet, a testnet related to planned governance capabilities.
SanchoNet to deploy new governance features
SanchoNet represents the testing environment for Cardano Improvement Proposal (CIP) 1694, which outlines technical specifications for on-chain governance on the ADA network. The testnet is named in reference to Voltaire, the philosopher known for his ideas on governance and freedom of speech.
The SanchoNet testnet implements governance capabilities for Cardano based on CIP-1694 specifications. This allows for testing the technical components required to enable decentralized on-chain governance on the mainnet.
In addition, SanchoNet provides a development environment for governance features like voting, treasury management, and proposal submission. It serves as an informational resource and sandbox for the ADA community to explore imminent governance activities during the Voltaire era.
Furthermore, community testing and feedback at this stage are vital parts of Cardano’s systematic, research-driven approach to blockchain enhancement.
Cardano Catalyst Project - Discover and Vote for our proposals in Fund 10 by Sep 14th, 2023 11:00 UTC
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