Cardano's Voltaire Upgrade

Cardano's Voltaire Upgrade

AltcoinsBlockchain

By Jakub Lazurek

12 Jun 2024 (about 1 month ago)

3 min read

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Cardano's Voltaire Upgrade marks a key step toward full decentralization, introducing voting and treasury systems to empower its community.

Cardano's Voltaire Upgrade is a crucial step towards a self-sustaining blockchain, transitioning control from IOHK to the community. Founder Charles Hoskinson describes it as the most significant milestone in Cardano’s history, paving the way for full decentralization.

This upgrade will introduce a voting and treasury system, allowing stakeholders to influence Cardano’s future. Cardano’s development phases, or "eras," are named after famous figures like Byron, Shelley, Goguen, Bashō, and Voltaire. The first three phases introduced the basic blockchain, decentralization, and smart contracts.

The Bashō era emphasized scaling, while Voltaire will bring in governance, voting, and treasury management. The upcoming Chang fork, expected this month, will start the “Age of Voltaire.” Charles Hoskinson emphasized that this upgrade will transform Cardano into a fully decentralized blockchain ecosystem.

Hoskinson stated, “It’s the most significant milestone in the history of Cardano. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and community wisdom to guide us.” This event will shift control from IOHK to the community, making the blockchain more secure and decentralized.

Cardano Node will upgrade to version 9.0, approaching the necessary hard fork. Hoskinson noted that the network is “Chang fork ready” and awaits 70% of the stake pool operators (SPOs) to install the new node. This is the final step before the hard fork.

The Chang fork will introduce tools and infrastructure to support this new phase, enabling Cardano to become self-sustaining. ADA holders will have governance authority, allowing them to propose and vote on improvements through the existing staking process.

In the Voltaire era, Cardano will implement a treasury system funded by transaction fees. These funds will support network development projects chosen through voting. Before the upgrade, the community will test new governance features detailed in Cardano Improvement Proposal (CIP) 1694.

Future plans include the Ouroboros Leios upgrade, aiming to improve transaction efficiency and scalability. These upgrades are part of a broader strategy to keep Cardano competitive. Enhancements in scalability and security could boost investor confidence and positively impact ADA’s price.

“Cardano’s evolution shows intention,” said Taha Abbasi, CTO at Ferrum Labs. “The Chang Hard Fork will prove Cardano’s commitment to decentralization. These upgrades might increase ADA demand, potentially leading to a price surge by year’s end.” Abbasi suggests a bullish scenario could see ADA reach a $1.5 price target.

The Voltaire upgrade is a major milestone for Cardano, aiming to create a fully decentralized, self-sustaining blockchain. With voting and treasury systems empowering the community, and upcoming upgrades enhancing scalability, Cardano is poised for significant advancements and potential growth in ADA value.

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