✍️ 4 October, 2022 – 15:43 👤 Editor: Jakub Motyka
- Charles Hoskinson, the founder of Cardano (ADA), says this is the year of Voltaire.
- He pointed out that the blockchain network is point of teaching the industry “how governance is decentralized”.
- What will happen to the Cardano network? What does Hoskinson mean by the age of Voltaire?
Cardano (ADA) founder Charles Hoskinson has told through his Twitter account that the “Year of Voltaire” is about to reach the ecosystem. On this, he talks about the upcoming implementation of a new form of decentralized governance for his blockchain. “This will unlock the power of millions of Cardano users and developers.”
Following the release of the Vasil update from the Cardano network, hype around its token and ecosystem has cooled. Daily transactions within the blockchain have dropped to less than one per second. This is a very low number, considering that ADA is one of the main coins by market capitalization. However, a comment from Hoskinson was enough to rekindle the spark.
What Means The “Year Of Voltaire” For Cardano?
According to Hoskinson, the Voltaire era will bring with it new updates to Cardano’s governance. In this way, the network will become completely autonomous by introducing a voting and treasury system. The event will mark the full decentralization of Cardano, which began with the implementation of distributed infrastructure in the Shelley era.
With this, they hope that Cardano users have a voice in the decisions that intervene in the future of the network. They will have a treasury to finance projects approved by the community. To do this, a part of the fees will be used to feed this fund.
When Will The Effects Of The Year Of Voltaire Arrive To Cardano (ADA)?
According to Cardano’s roadmap, Voltaire will mark the end of network management by Input Ouput Honk Kong. Bingsheng Zhang, noted on the IOHK blog that tests of the new governance system have already been tested at Project Catalyst. The team assured that “Project Catalyst will open its first public beta very soon”, after having finished its closed beta during the summer.
In addition to this, the Cardano team announced the first public fund for the project, which contains $250,000 in ADA. This fund will be used to incentivize the development of DApps and new projects within Cardano in the next 6 months.
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