While the network launches an upgrade to the CIP-1694 governance system, ADA is advancing amid a positive week for multiple cryptocurrencies.
- A positive week for various cryptocurrencies has ADA on the rise.
- The CIP-1694 governance system has undergone an upgrade.
- The forthcoming Voltaire period of Cardano will be supported with the CIP-1694 upgrade.
Despite the protracted bad market, the Cardano (ADA) network has continued to grow thanks to an almost continuous stream of new initiatives, collaborations, and events.
The centralised banking crisis that is presently sweeping the United States has recently changed the course of events, favouring the cryptocurrency market. Cardano is listed among a large number of cryptocurrencies that have grown during the past week.
The network has released CIP-1694’s most recent version in anticipation of the Age of Voltaire, when Cardano will fully embrace decentralisation.
On-Chain Governance CIP-1694
Charles Hoskinson, the founder of Cardano, announced the release of a new version to the CIP-1694 on-chain governance mechanism on March 14, 2023.
Jared Corduan, a formal methods engineer with Input Output Hong Kong (IOHK), released the event’s formal update. A removal of the current governance support for protocol parameter changes and MIR certificates is part of CIP-1694, according to the update.
The upgrade will also add three governance bodies to certify activities as well as two new fields, votes and governance actions.
In a word, Cardano’s on-chain governance system is being changed to suit the additional needs for Voltaire and fix the flaws of the present Shelly governance design.
Voltaire vs. Shelley: Government Royale
The Cardano Improvement Proposal (CIP) 1694 provides a new system for on-chain governance to enable the future Voltaire phase of Cardano.
The Shelley governance model as it stands does not allow for ADA holders to actively participate on-chain, lacks transparency and several layers of supervision over treasury operations, and does not distinguish between hard forks and other protocol parameter modifications.
A first step towards decentralised decision-making that is theoretically feasible in the near future might be provided via CIP-1694.
Cardano’s native cryptocurrency, ADA, is currently rising over $0.36 USD and has had a noteworthy seven-day growth of 9.53 percent, along with numerous other cryptocurrencies.
Bitcoin (BTC), the top-ranked cryptocurrency, has had a rise of 16.99% over the last seven days, which has attracted attention. The U.S. banking crisis is blamed for BTC’s upward trend, which in turn has improved market mood overall.
On the other hand
- There have been countless comments, discussions, and arguments over Cardano’s governance over the past few weeks as a result of CIP-mania among the Cardano community.
- Despite the recent drop of ADA, Cardano is still ranked #7 by market capitalization.
Why It’s Important
Notwithstanding ADA’s and other cryptocurrencies’ recent gains, Cardano is adhering to its long-term goal of genuine decentralisation.
Learn more about Cardano’s most recent price movement here:
Due to DJED and Hoskinson action, Cardano (ADA) is up to $0.34.
Learn more about the most recent price movement of Solana here:
Amid Crypto Repairs, Solana (SOL) Reclaims $20