- ADA is rising amid a bullish week for many cryptocurrencies.
- An update to the CIP-1694 governance mechanism has been detected.
- The CIP-1694 update will support the upcoming Cardano era of Voltaire.
the Cardano (ADA) The network has continued to build during the prolonged bear market period, with an almost constant spree of new developments, partnerships, and events.
In the latest turn of events, the cryptocurrency market had a decent week in the wake of the central market banking crisis Currently raging across the United States. Cardano is among several cryptocurrencies that have posted gains over the past seven days.
The network has rolled out its latest update to CIP-1694, in preparation for the Voltaire erawhere Cardano will take over the full decentralization.
On-chain governance CIP-1694
On March 14, 2023, Cardano founder Charles Hoskinson Announced a new on-chain governance mechanism update, CIP-1694.
The official event update was subscriber By Input Output Hong Kong (IOHK) Official Methods Engineer Jared Cordowan. According to the update, CIP-1694 includes the removal of existing governance support for protocol parameter updates and MIR certificates.
Furthermore, the update will introduce two new areas, governance procedures, and voting, and three governance bodies Certification of procedures.
In short, Cardano’s on-chain governance system is being revised to support Voltaire’s new requirements and address the shortcomings of Shelly’s existing governance design.
Shelley vs. Voltaire: Monarchy
Cardano Improvement Proposal (CIP) 1694 Suggest New on-chain governance mechanism to support Cardano’s next Voltaire phase.
The current Shelley governance design provides no scope for active on-chain participation for ADA holders, lacks transparency and layers of control over treasury movements, and does not differentiate between hard forks and other protocol parameter changes.
CIP-1694 is poised to provide a first step towards decentralized decision making that is technically feasible in the near term.
At the time of writing, it is Cardano’s native cryptocurrency ADA mobilizes More than 0.36 USD, recording a significant increase of 9.53% over the past 7 days, along with many other cryptocurrencies.
Seven-day price chart for Cardano. source: CoinMarketCap
#1 rated cryptocurrency Bitcoin (BTC) It catches the eye with an increase of 16.99% over the past seven days. the ascending path BTC has been attributed to the banking crisis in the US, which has boosted market sentiment across the board as a result.
on the flip side
- It was the last few weeks CIP mania Via the Cardano community, including many comments, discussions, and debates on Cardano governance.
- Far from the recent ADA bounce, Cardano is still in #7 ranked by market value.
Why should you bother
Aside from the uptick in ADA and other cryptocurrencies, Cardano remains true to its long-term vision of true decentralization.
Read more on Cardano’s recent price action:
Cardano (ADA) rises to $0.34 amid DJED and Hoskinson Action
Read more about Solana’s recent price action:
