As it prepares to transition into the Voltaire age later this year, Cardano is establishing the foundation for complete decentralization. By incorporating voting and treasury mechanisms, the Voltaire era attempts to create a self-sustaining system by enabling network users to utilize their stake and voting rights to affect the network’s future growth.
The distributed architecture that was first developed during the Shelley era is what the Cardano network now uses. However, the platform has to be able to maintain and enhance itself decentralized in order to attain real decentralization. Once in place, the Voltaire era will allow network users to leverage the current staking and delegation procedures to offer Cardano enhancement ideas that stakeholders may vote on.
The Voltaire period created a treasury system, pooling a portion of all transaction fees to support development efforts after the voting process to finance future development. Once the voting and treasury processes are operational, IOG will no longer be in charge of Cardano. Instead, the community will determine Cardano’s future, providing the platform’s growth and evolution from a safe, decentralized foundation created by IOG.
IOG, the organization in charge of Cardano’s research and development, gave an update on Cardano’s Age of Voltaire on Friday, March 24. The upgrade emphasized a crucial element of Cardano’s next-generation governance, CIP-1694, a Cardano Improvement Proposal named after the year of the French enlightenment thinker Voltaire.
In order to provide on-chain procedures that improve democratic decision-making throughout the ecosystem, the concept is presently being designed and co-created with the community.
To gather feedback and make use of the collective wisdom of the Cardano community, IOG, the Cardano Foundation, and EMURGO co-hosted the CIP-1694 Workshop in Colorado around four weeks ago.
According to IOG, this event was the first of a series of community activities that will take place in 2023 with the goal of pushing the CIP toward validation and adoption by the community. As the platform is ready to enter the Voltaire era and herald in a new era of governance, IOG is looking forward to more seminars and debates in the upcoming months.
