Cardano (ADA) in a new version - the project is becoming fully decentralized

Blockchain is almost synonymous with the word “decentralization.” Of course, the latter varies in practice. However, the creators of Cardano decided to

Cardano is often referred to as a “zombie blockchain” by malicious actors. But despite this, the project is constantly being developed. Earlier this month, the network underwent a Chang hard fork, which implements the CIP-1694 update. This is a significant development, as it is designed to “give every member of the Cardano community the opportunity to have a say in the future development of the project.”

Cardano in a new version

The term “blockchain” is almost synonymous with “decentralization.” Naturally, the latter manifests itself in practice in different ways. However, the creators of Cardano decided to go all out and give ADA holders control over the project.

The update primarily includes the creation of the Interim Constitutional Committee. But this is a transitional stage, during which the mentioned “body” will oversee the changes in the network. The breakthrough is to take place in about 90 days. Only then will power pass to the “people”. New management entities will receive their powers and will have a real impact on the blockchain. This will mark the beginning of the “Voltaire era”, a phase that will introduce full decentralization. The name itself suggests this – Voltaire was an 18th-century philosopher who was known for his liberal views, even rejecting the idea of ​​any god.

Cardano CTO, Giorgio Zinetti, commented on the changes with the following words:

I would say this is the biggest event in Cardano’s history and it really sets us apart from a lot of other networks. I think we are the largest L1 (layer 1) blockchain with (decentralized) network governance. There are smaller players like Tezos and Polkadot, but if there was a leaderboard of truly decentralized L1s, we would be number one.

On X Charles echoed him Hoskinson, creator of Cardano:

This is the day when the entire ecosystem, the community, every ADA holder stands shoulder to shoulder as equals and everyone has a say in the future of not only this protocol, but what this protocol can do for everyone in the world.

One small step for Cardano, one giant leap for the industry.

What exactly is changing?

So, what exactly are the changes? ADA token holders will be able to shape the future of Cardano by electing their representatives to govern the project and voting on individual development proposals. CIP-1694 creates a new community governance structure and establishes three user-led governance committees: the Constitutional, Representative, and Pool Operators.

Cardano’s three founding entities — the Cardano Foundation, Input Output Global (IOHK), and Emurgo — will eventually no longer have the keys to trigger chain updates and hard forks. Everything will be handed over to new governance groups.

The above is the detailed content of Cardano (ADA) in a new version - the project is becoming fully decentralized. For more information, please follow other related articles on the PHP Chinese website!