As an analyst with a background in blockchain technology and experience following the Cardano project closely, I’m excited about the recent updates and upcoming changes for the Cardano network. The transition into the Voltaire era represents a significant milestone for the project, as it moves towards becoming a truly decentralized network governed by its community.
On Monday, June 10, in his most recent update on the X platform, Cardano CEO Charles Hoskinson announced that the Cardano network was approaching the final stage of its lengthy initiative to establish a fully decentralized system. He further indicated that the Voltaire upgrade would be available by the end of this month.
As a crypto investor in Cardano, I’d explain it this way: In the near future, the software powering the validating nodes run by the stake pool operators (SPOs) within the Cardano system will require an upgrade to its most recent version. Following this update, the Cardano blockchain will undergo a significant transformation, referred to as a hardfork, marking the beginning of the Voltaire era. Presently, we’re in the Basho era.
Based on the project’s plan, once the transition is finished, IOHK, the company behind Cardano’s development, will relinquish their direct control over the seven-year-old blockchain. Instead, the community members will assume complete authority and responsibility for its management. As Hoskinson put it:
“June is shaping up to be the month when Cardano Node reaches version 9.0. Once 70% of the Stake Pool Operators (SPOs) have installed the new node, we can undergo a hard fork, propelling Cardano into the Voltaire era. This advanced stage of our blockchain brings features like an annual budget system, a treasury, and community-guided decision-making through on-chain governance.”
During the initial phase of the Voltaire era, CIP 1694 will be enacted, enabling ADA token holders to exercise their voting rights on proposals that enhance the Cardano ecosystem. In the subsequent stage, innovative features such as proxy participation and treasury withdrawals will be introduced. These additions will empower us to propose and finance projects within the Cardano ecosystem.
Cardano Recent Updates
Last week, I’m part of the Lace team, and we were thrilled to roll out Version 1.12. This update comes with substantial improvements and an exciting new feature: a fiat on-ramp provided by our trusted partner Banxa. Now, as a user, you have the convenience to choose fiat currencies to top up your wallets through this service.
The Plutus team introduced version 1.29.0.0 of their libraries as the first release ready for Conway. This update includes the implementation of CIP-69 and CIP-117, along with other improvements and new features.
As a researcher studying the cryptocurrency market, I’ve observed that Cardano’s native token ADA has underperformed compared to other altcoins, sliding down to the 10th position. At present, the ADA price hovers at $0.42, representing a 3.58% decline from its previous value. With a market capitalization of $15.3 billion, it remains a significant player in the crypto sphere.
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2024-06-11 17:03