For many of u, there's no need for the introduction of Cardano, the promised Ethereum killer. But just in case you are not familiar with it, let me do a quick introduction for you.
In today's article, I will be touching upon the way how Voltaire Upgrade will change Cardano governance. Share your opinion with me in the comments!
I wish you a pleasant lecture.
Cardano
Cardano(ADA) is currently the #7 Cryptocurrency in terms of market capitalization. It has a very active and diverse community. Charles Hoskinson is considered a symbol of Cardano for many, just like Vitalik Buterin for the Ethereum community, or Changpeng Zhao for the Binance community. I wrote an article about Charles Hoskinson and you can read it here.
Cardano's development team tries to separate themselves from different teams by utilizing a safe, slow approach in terms of infrastructure building on Cardano in contradiction to the highly popular "move fast, break things" philosophy. But it often proved to be hurtful for Cardano's ADA price.
If you want to know more about Cardano, check out my article here!
Cardano's "final" update.
According to Cardano roadmap, the last update will be the Voltaire upgrade.
"The Voltaire era of Cardano will provide the final pieces required for the Cardano network to become a self-sustaining system. With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network.
For the Cardano network to become truly decentralized, it will require not only the distributed infrastructure introduced during the Shelley era but also the capacity to be maintained and improved over time in a decentralized way. To that end, the Voltaire era will add the ability for network participants to present Cardano improvement proposals that can be voted on by stakeholders, leveraging the already existing staking and delegation process.
To fund the future development of the network, Voltaire will also see the addition of a treasury system, whereby a fraction of all transaction fees will be pooled to provide funds for development activities undertaken following the voting process.
When both a voting and treasury system are in place, Cardano will be truly decentralized and no longer under IOHK's management. Instead, Cardano’s future will be in the hands of the community, who will have everything they need to grow and evolve Cardano from the secure, decentralized basis established by IOHK. ~https://roadmap.cardano.org/en/voltaire/"
Cardano improvement is managed through CIPs (Cardano Improvement Proposals), a concept known to Ethereum under the name of EIPs - Ethereum Improvement Proposals.
CIP 1694 is a proposal for Cardano's entrance into its last stage known as "The Age of Voltaire".
"CIP 1694 was named after the birth year of Voltaire, where a revision of Cardano’s on-chain governance system is proposed to support the new requirements for the “Age of Voltaire”. The existing governance support for protocol parameter updates and MIR certificates will be deprecated, and two new fields will be added to normal transaction bodies: governance actions and votes. Any Cardano user will be able to submit a governance action, which will be ratified by three distinct groups: a Constitutional committee, a group of delegation representatives (DReps), and stake pool operators (SPOs). Ratified actions can then be enacted on-chain according to a set of well-defined rules." ~ https://forum.cardano.org/t/what-is-cip-1694/111621
Is Cardano almost finished and there will be nothing more?
Certainly not. The introduction of Voltaire upgrade only changes the way how the coming upgrades will be rolled out. Instead of relying on centralized authority which currently is IOG(Formerly IOHK), all the steers and keys will be handed out to the community, making Cardano evolution a fully decentralized process. All staking users of Cardano will be able to cast their votes regarding the future of the Chain, i.e. parameters, upgrades, rules and exceptions, etc.
My thoughts
The democratic approach proposed by IOG is a highly experimental solution for Cardano governance. It is hard to theorize how will it turn out for the Cardano community when implemented. Anyhow it is of great value to conduct such experiments, international global cooperation under democracy is a great subject of research and it may prove to be very successful.
So what is your opinion?
None of the information in this article should be considered financial advice, it's my analysis and facts I wanted to share with this wonderful community.
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