Crypto news: Cardano (ADA) has revealed the next stage of its on-chain governance system, marking a crucial step for blockchain as it enters the Voltaire era.
At this stage, the call to ADA holders is clear: actively participate in shaping the future decision-making process for blockchain. See below for all the details.
Summary
Voltaire: the crucial phase that transforms Cardano (ADA) and engages the crypto community in on-chain governance
As anticipated, Intersect, an organization founded on stakeholder participation in the Cardano ecosystem, introduced the Cardano Ballot event, aimed at all ADA holders to voice their opinions on future blockchain decision-making.
Indeed, after six years of initial development and feature enhancement, Cardano has reached a remarkable milestone: the Voltaire era.
Characterized by a principles-based approach and community leadership, this new phase promotes inclusive accountability for all players in the ecosystem. Hence, the time has come for a community decision on future direction.
The proposal, outlined in Cardano’s “CIP-1694” enhancement, aims to implement viable on-chain governance by granting every ADA holder a role in determining Cardano’s future.
Recall that CIP-1694 is the most active improvement proposal in Cardano’s history, with more than 400 comments on Github, 50 global workshops in 24 countries and more than 1,000 participants.
SanchoNet: innovative governance on Cardano, phase 5 and upcoming challenges
In addition, this year, SanchoNet, the testnet for Cardano’s innovative governance capabilities, was launched and is already in Phase 5 of development.Distinguishing itself from other testnets, SanchoNet is a vibrant, inclusive, community-driven platform.
In November, SanchoNet GovTool will be available in beta, making participation more accessible to the broader Cardano community through a friendly user interface.
Voting control on CIP-1694 will be managed through Cardano Ballot, developed in collaboration between the Cardano Foundation and Input Output Global.
Once CIP-1694 is confirmed, the governance of Cardano will pass completely into the hands of the community.
This means that ADA holders will have the opportunity to create proposals for Cardano’s future, submit them for a vote and, if approved, implement them.
CIP-1694 represents a significant advancement in Cardano’s on-chain governance framework, aiming to improve and enrich the inclusive nature of governance itself, giving the community a stronger voice in shaping the fate of the blockchain.
As a reminder, ADA holders who wish to participate in the voting must have staked their ADAs on a Stake Pool Operator (SPO) by 20 November.
Voting will open on 1 December, at the Cardano Ballot, and close two eras (10 days) later, on 11 December. Results are expected on 16 December.
Cardano sets a new record: more than 78 million transactions processed
Recently, the Cardano network reached a significant milestone, processing 78.3 million transactions since its creation in 2017.
Although it has come under criticism in the past for its productivity, the Cardano network’s longevity and stability are unquestionable.
In fact, unlike many newer blockchains, Cardano has demonstrated stable performance with no downtime in more than six years of existence. Increased decentralization through new applications on Cardano has contributed to the recent increase in transactions.
In addition, on-chain analysis reveals that the network has handled more than 78 million transactions to date, with the goal of reaching 10 million addresses in the next two years.
In the past seven days, the Cardano network has processed 1.29 million transactions, with an effective count per second (TPS) of 2.13.
Although the maximum TPS is 6.1, this indicates that the network could easily handle more than six transactions per second, demonstrating a capacity for growth.
This milestone comes at a time when Cardano is experiencing an increase in user and developer activity, placing it at the top of the top networks for development activity, along with Ethereum and Polkadot. At the same time, the total value of blocked assets in Cardano-based DeFi protocols has surpassed the Bitcoin network, solidifying its position in the blockchain ecosystem.
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