- The Cardano Improvement Proposal (CIP-1694) would prove to be a game-changer.
- The final release of CIP-1594 is anticipated for July this year.
Charles Hoskinson, the founder of Cardano, thinks the decentralization of the project will serve as a “wake-up call” for the sector. Hoskinson recently shared an update with the community. During which he claimed that ADA is “substantially more decentralized” than any other cryptocurrency.
Furthermore, the executive emphasized that the Cardano Improvement Proposal (CIP-1694) would prove to be a game-changer in the decentralization discussion. Since it provides a framework for on-chain governance that will underlie the Voltaire phase of the network.
Banking on Decentralization
To guarantee that the community has the final say in how the Cardano ecosystem operates. The proposal will allow users to submit a governance action that must be approved by a Constitutional Committee. It is a group of delegation representatives (DReps), and stake pool operators (SPOs).
Moreover, the final release of CIP-1594 is anticipated for July this year. Hoskinson, for his part, said that Cardano’s gradual move towards decentralization might help the project meet the requirements of crypto regulatory regimes.
Also, he speculated that measures of decentralization will one day play a central role in setting regulatory norms. And that authorities would one day see a crypto project with more decentralization as a protocol or a commodity.
Separately, in January of this year, the Cardano network had a short outage owing to a “transient anomaly” that was quickly resolved.
Recently, the blockchain’s founder, Input Output Global (IOG), released a Valentine’s Day update to its Standards for Efficient Cryptography (SECP) primitives, enabling developers to employ a wider variety of native multi-signature designs in the creation of secure, low-cost DApps.