Cardano founder Charles Hoskinson believes the project’s decentralization would act as a “wake-up” call for the industry.
In a recent update to the community, Hoskinson said ADA is “substantially more decentralized” than all cryptocurrencies in the market.
- The exec stressed that the Cardano Improvement Proposal (CIP-1694) – which is a mechanism for on-chain governance that will underpin the Voltaire phase of the network – will prove to be a game-changer in the decentralization debate.
- The proposal will enable Cardano users to submit a governance action that will be ratified by three groups – a Constitutional Committee, a group of delegation representatives (DReps), and stake pool operators (SPOs) – thereby ensuring that the community has a final say in the functioning of the Cardano ecosystem.
- CIP-1594 is still up for discussion and is likely to be released in July this year.
- Meanwhile, Hoskinson asserted that Cardano inching closer to more and more decentralized could potentially help the project become part of crypto regulatory frameworks.
- He said that decentralization metrics might become a crucial part of regulatory standards while adding that regulatory agencies may eventually end up treating a crypto project with more decentralization as a protocol or a commodity.
- Separately, the Cardano network suffered a brief outage due to a “transient anomaly” in January this year that was fixed within minutes.
- More recently, Input Output Global (IOG) – the organization behind the development of the blockchain – launched a valentine upgrade for its Standards for Efficient Cryptography (SECP) primitives to allow devs to use a broader range of native multi-signature designs to develop secure and cost-effective DApps.
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