Cardano’s recent upgrade marks the transition into the ‘Voltaire’ era, according to the developers.
Cardano founder said this is one small step for Cardano, but a giant leap for the industry
Photo Credit: Unsplash/ Michael Förtsch
The Cardano blockchain team is actively working toward self-sustainability. Recently, Cardano completed its Chang upgrade, propelling the network into the era of decentralized governance. Now, ADA token holders can actively participate in electing representatives and contribute to development discussions. The Chang hardfork was implemented on block 10,764,778, according to reports. Essentially, Chang upgrade's completion is aimed at making the blockchain transparent and inclusive to all network members.
An update posted by the official handle of the Cardano Foundation said that the Chang hard fork “marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralised network.”
As per the developers behind Cardano, the completion of this upgrade ushers the eco-friendly proof-of-stake network into the “Voltaire” era – where the decisions related to the blockchain are taken by ADA token holders.
This step is crucial in pushing Cardano toward true decentralization. In a blog post chalking out details about the Voltaire era, the Cardano Roadmap noted that the blockchain will soon no longer be under the umbrella of IOHK (Input-Output Hong Kong). Charles Hoskinson, the founder of Cardano is the chief of IOHK, which is a blockchain-tech developing company based in Singapore.
Commenting on the development, Hoskinson said this is one small step for Cardano, but a giant leap for the overall industry.
The Chang upgrade unfolds in two stages, each gradually rolling out on the network. The initial phase establishes foundational governance features, while the subsequent stage introduces community-driven decision-making and governance.
Often referred to as the ‘Ethereum Killer', Cardano aims to complete its transition between October and December this year.
In the backdrop of this development, Cardano's native ADA token saw no improvement in its market momentum. As per data showed by CoinMarketCap, ADA recorded a price drop of 1.11 percent over the last day. At the time of writing, ADA was trading at $0.3302 (roughly Rs. 27.72). The price of Cardano attained its last all-time high (ATH) of $3.101 (roughly Rs. 260) in September 2021.
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