Cardano Blockchain Moving to Next Phase of Decentralization

Cardano CEO Charles Hoskinson has tweeted that the Cardano blockchain is heading into the final phase of complete decentralization.

According to Charles Hoskinson, CEO of Cardano, the network will shortly enter the final phase of its multi-year program to become a truly decentralized network in his most recent post on the X platform on Monday, June 10. He further stated that the Voltaire enhancement would be completed by the end of the month.

The initial phase will entail upgrading the validating node software to the most recent version, administered by the system’s stake pool operators (SPOs). The Cardano blockchain will eventually transition into a backward-incompatible version, essentially a hard fork. This will mark the beginning of a new era for Voltaire. At present, the Cardano network is in the Basho era.

The Cardano development firm IOHK will cease to directly administer the seven-year-old blockchain upon the completion of the transition, as indicated by the project’s roadmap. Instead, community members will be granted complete autonomy and management. Hoskinson stated:

“It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.”

Implementing CIP 1694 during the initial phase of the Voltaire era will enable ADA native token holders to vote on topics and features that are advantageous to the Cardano ecosystem. The second stage will facilitate the implementation of additional innovative features, such as delegate participation and treasury withdrawal. This will enable us to suggest and finance initiatives in the Cardano ecosystem.

Cardano’s Most Recent Developments

Last week, the Lace team released Version 1.12, including a fiat on-ramp facilitated by Banxa, a third-party service provider, and significant enhancements. This service now allows users to choose fiat currencies to finance their wallets.

Additionally, the Plutus team disclosed the Plutus libraries’ version 1.29.0.0. This is the first Plutus release that is Conway-ready, and it includes the integration of CIP-69 and CIP-117, as well as a variety of other improvements and additions.

ADA, the native cryptocurrency of Cardano, has underperformed compared to other altcoins, falling to the tenth position. The ADA price is currently trading at $0.42, a 3.58% decrease, with a market capitalization of $15.3 billion.