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Thecoinrise

06/10/2024

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Cardano Set to Enter the Voltaire Era: Hoskinson

Cardano is on the verge of a significant milestone as it prepares to enter the final chapter of its ambitious roadmap: the Voltaire era. This eagerly anticipated upgrade will bring the Proof-of-Stake network...

Cardano Set to Enter the Voltaire Era: Hoskinson

Cardano is on the verge of a significant milestone as it prepares to enter the final chapter of its ambitious roadmap: the Voltaire era. This eagerly anticipated upgrade will bring the Proof-of-Stake network closer to its goal of becoming a fully decentralized government, implementing the critical CIP-1694 proposal.

Voltaire Era: A New Dawn for Cardano

After years of development and anticipation, Cardano users can finally see the culmination of their patience. Charles Hoskinson, the founder of Cardano, confirmed that the wait for the Voltaire era is almost over. 

In a recent social media post, Hoskinson announced the upcoming release of Cardano Node version 9.0 in June, which will usher in the Chang hard fork, one of the most transformative updates in Cardano’s history.

The Chang Hard Fork

The Chang hard fork, scheduled for June, is set to mark the beginning of the Voltaire era. This pivotal update will be activated once 70% of the network’s Stake Pool Operators (SPOs) have upgraded to Node version 9.0. 

Currently, Cardano boasts a total of 5,874 pools, with 3,110 of them being active. This update is a crucial step towards realizing a fully decentralized governance model for the network.

Governance Features and CIP-1694

The initiation of the Chang hard fork will deploy the first set of governance features on Cardano, entering a bootstrap phase as outlined in the CIP-1694 proposal. This proposal is instrumental in transitioning Cardano into a decentralized decision-making entity. 

The initial update will lay the groundwork for enhanced governance capabilities, setting the stage for more comprehensive features to be introduced later.

The second phase of the update, expected in Q4 2024, will unlock the remaining aspects of CIP-1694. These features will include on-chain governance mechanisms, enabling the community to participate directly in decision-making processes. Additionally, it will introduce treasury withdrawals, allowing the decentralized treasury to fund development projects and initiatives directly through community consensus.

Cardano Founder’s Vision

Charles Hoskinson has long envisioned Cardano as a fully decentralized and self-sustaining network. The Voltaire era represents the realization of this vision, where the community gains full control over the governance and development of the network. Hoskinson’s announcement reflects his confidence in the network’s readiness to embrace this significant transformation.

The Cardano community has eagerly awaited this upgrade, and the announcement has generated significant excitement. The move towards full decentralization is expected to enhance the network’s security, scalability, and resilience. It also positions Cardano as a leader in the blockchain space, setting a precedent for other projects aiming for decentralized governance.

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