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Cardano Voltaire Upgrade Explained
Cardano sets the stage for Voltaire, the final part of its roadmap to achieve a fully decentralized blockchain ecosystem.
This upgrade introduces a voting and treasury system, allowing stakeholders to influence the platform’s future development.
Cardano Voltaire Upgrade Approaches
Cardano’s development phases, or “eras,” are named after prominent figures in poetry and computer science, such as Lord Byron, Percy Bysshe Shelley, Joseph Goguen, Matsuo Bashō, and Voltaire. The initial three stages introduced a basic blockchain, decentralization, and smart contracts.
The recent Bashō era focuses on scaling the blockchain, while the final era, Voltaire, introduces governance, voting, and treasury management functionality. The upcoming Chang fork, rumored to be scheduled for this month, will set the stage for the “Age of Voltaire.” In a Sunday post on X, Cardano founder Charles Hoskinson highlighted that this upgrade will transform the network into a fully decentralized blockchain ecosystem.
“It’s the most significant milestone in the history of Cardano and for the industry as a whole. Cardano will be a decentralized civilization spanning the entire world with millions of residents. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us,” Hoskinson said.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
Per the project’s roadmap, the event will mark the final phase of the ecosystem’s multiyear program, conferring the blockchain from the hands of the Cardano development company IOHK to that of community members. To achieve this, voting and treasury systems must become operational. Once these systems are active, the community will steer Cardano toward a more secure, decentralized ecosystem.
Cardano Node is upgrading to version 9.0 this month as it approaches the hard fork to reach this goal. According to Hoskinson, the network is “Chang fork ready” and only awaits 70% of the system’s stake pool operators (SPOs) to install the new node. This is the final step before the hard fork, which will pave the way for the new era.
The Chang fork will introduce essential tools and infrastructure to support this new phase. This will enable the Cardano blockchain to achieve self-sustainability, empowering network participants, including ADA holders, with governance authority. They can propose and vote on Cardano improvements using the existing staking and delegation process.
During the Voltaire era, the Cardano blockchain will also implement a treasury system funded by a portion of all transaction fees. These funds will be allocated to network development projects selected through voting. Before the upgrade, the community must test all the new governance features detailed in Cardano Improvement Proposal (CIP) 1694.
Possible ADA Price Implication Amid Cardano Upgrades
Cardano’s future includes the Ouroboros Leios upgrade, which aims to enhance transaction efficiency and scalability. Thisis part of a broader commitment to maintaining Cardano’s competitive edge in the blockchain arena. Together, these upgrades will enable the network to handle increased transaction volumes while remaining decentralized.
The improvements could positively impact the ADA price by influencing market sentiment. Upgrades that enhance scalability, security, or functionality boost investor confidence, increasing buying interest and potentially driving the asset’s value.
“Cardano’s evolution shows intention, as the Chang Hard Fork is a decade-old development push. The fork will prove Hoskinson’s long-held point: Cardano — currently, one of the most criticized blockchains — is built for the community. From claims of centralization to decentralization via Chang’s hard fork to the new Leios-backed upgrades, Cardano is set up for significant progress. The upside might be tied to increased demand for ADA, potentially leading to a surge in price in the long term. Fueled by these upgrades, we are likely to see a bullish case scenario of a $1.5 price target by the year’s end,” Taha Abbasi, CTO at Ferrum Labs, told BeInCrypto.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
At the time of writing, ADA is trading at $0.4285. In the last 24 hours, the altcoin has declined over 5%, reflecting the broader market’s bearish sentiment.
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