Blockchain
Cardano’s “Voltaire Era” approaches with a major blockchain update
Cardan founder Charles Hoskinson revealed that the blockchain is on track to reach its “most significant milestone in history,” with the upcoming Chang fork setting the stage for the “Age of Voltaire.”
In a June 9 social media post, Hoskinson She said:
“It looks like June will be the month Cardano Node reaches version 9.0. This means that Cardano is ready for the Chang fork and is waiting for 70% of SPOs to install the new node. So, there may be a hard crossroads that will push Cardano into the Voltaire era.”
The age of Voltaire
The Chang update will mark a pivotal moment for Cardano as it introduces crucial tools and infrastructure to support the “The age of Voltaire.“
The Voltaire era is intended to provide the final elements necessary for the network to achieve self-sustainability. It allows network participants to propose improvements to Cardano, subject to stakeholder voting that leverages the existing staking and delegation process.
Voltaire also establishes a treasury system to finance the future development of the network. A portion of all transaction fees will be pooled to fund development efforts decided through the voting process.
Once these voting and treasury systems are operational, Cardano will be fully decentralized and will no longer be under the management of IOHK. The community will take the reins and be equipped to cultivate and advance Cardano from its secure, decentralized foundation.
Hoskinson, commenting on the update, said:
“It is the most significant milestone in the history of Cardano and for the sector as a whole. Cardano will be a decentralized civilization covering the entire world with millions of residents. We will have the most advanced blockchain governance system, annual budgets, a treasury and the wisdom of our entire community to guide us.”
How will the ADA react?
While Hoskinson is focused on the technological advances effected by the update, most Cardano holders are more concerned about the impact it will have on the price of ADA.
This year, ADA has emerged as one of the struggling large-cap digital assets, briefly falling out of the top 10 digital assets by market cap at several points over the past month.
While many traders perceive its current price of $0.4376 as undervalued, the price action of its rivals, such as Solana and Ethereum, has increased anxiety around the project.
However, Hoskinson believes Cardano’s fundamentals remain strong, which would result in a positive growth trajectory for the digital asset.