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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