• Charles Hoskinson, the founder of Cardano (ADA), believes that the upcoming transition to Voltaire will allow for decentralized decision-making and make ADA „substantially more decentralized“ than all other cryptocurrencies in the market.
• The Cardano Improvement Proposal (CIP-1694) is a mechanism for on-chain governance that will be ratified by three groups – a Constitutional Committee, delegation representatives, and stake pool operators.
• CIP-1594 is expected to be released in July this year and could eventually help Cardano become part of crypto regulatory frameworks.
Charles Hoskinson’s Vision for Cardano
Charles Hoskinson, the founder of Cardano (ADA), believes that the upcoming transition to Voltaire will allow for decentralized decision-making and make ADA “substantially more decentralized” than all other cryptocurrencies in the market.
Cardano Improvement Proposal
The Cardano Improvement Proposal (CIP-1694) is a mechanism for on-chain governance that will be ratified by three groups – a Constitutional Committee, delegation representatives, and stake pool operators. This proposal seeks to provide users with a say in how the ecosystem works. It is expected to pave the way towards greater decentralization within the network.
Release Date & Regulatory Frameworks
CIP-1594 is expected to be released in July this year and could eventually help Cardano become part of crypto regulatory frameworks. Decentralization metrics may soon become an important part of regulatory standards as agencies may begin favouring projects with higher levels of decentralization.
Impact on Crypto Industry
Hoskinson believes that if Cardano succeeds with its passage into greater decentralization, it would act as a “wake up” call for other projects in the industry about their level of decentralization as well as their security protocols.
Conclusion
With CIP-1694 leading to greater levels of decentralization on the network, it looks like Cardano has taken one step closer towards becoming part of crypto regulatory frameworks while also setting an example for other projects in terms of decentralization and security protocols.