Cardano blockchain has continued its journey to add more upgrades to the network. The project has finally made a foray into the Voltaire era with new changes made to its voting and treasury management model.
These changes were made keeping in view the demand among the stakeholders of the blockchain concerning the decentralization claims. The Cardano blockchain will be able to achieve true decentralization since the network the completion of this era.
In the Shelly phase, Cardano blockchain was working on the distributed structure of its blockchain network. The network has to create proper space and some major upgrades to become a truly decentralized blockchain.
Once the Voltaire transition is completed, all stakeholders on the Cardano network will be able to offer improvement proposals.
Cardano Users can now Present CIPs Freely
The completion of the Voltaire era is going to make the Cardano network more popular for its consumers and outsiders alike.
Investors will have the power to offer CIPs or Cardano improvement Proposals while other users can cast their votes independently to leverage staking or delegating other services. There are also plans for a new fraction model to collect all transaction fees in one pool.
This pool can be used as a fund dedicated to future project funding. With the completion of the Voltaire phase, the Cardano blockchain will no longer be under the supervision and management of IOG.
It will become wholly owned by its native community members and operate as part of the decentralized foundation of IOG. On this account, there has been some debate concerning the CIP-1694 among the Cardano stakeholders.
Cardano Foundation and EMURGO hosted a workshop based on CIP-1694. The meeting was arranged to gather feedback from the Cardano native community and measure the collective intelligence of the incident.
IOG has issued a statement confirming that the event was to ensure the wider implementation and acceptance of CIP-1694. The firm has also expressed its determination to host other such events in the future.
There has been some negative impression around the plug-in for the Voltaire era. Some controversial sources have claimed that CIP-1694 is a way for Cardano Foundation to establish a monopoly over its voting rights.
However, Cardano founder Charles Hoskinson has rejected such ideas. He claimed that the investors who are worried about these remarks should read the detailed description and working mechanism of CIP-1694.
Cardano developers have put a strong emphasis on the necessity of this improvement protocol such that it is crucial to pilot the Voltaire phase that will usher the blockchain into true decentralization.
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