By Larry Wright
The cryptocurrency market is recovering from the prolonged crypto winters. However, some cryptocurrency projects are still in a state of dazzle. One such project is the Cardano blockchain. However, Cardano founder Charles Hoskinson has come forward to address the matter.
In his latest video uploaded, he talked about the increasing FUD around the governance of the Cardano blockchain. He focused his attention on the CIP or Cardano Improvement Protocol 1694.
The CIP 1694 is a governance proposal that is used as a stepping stone to add the Voltaire era to the Cardano network. This CIP was introduced last year in November in the Cardano community.
The main feature of this particular CIP is to create a new on-chain governance protocol that can serve as the landing pad for the Voltaire phase for the Cardano blockchain.
Cardano Blockchain to Enter New Development Era
Cardano blockchain is on its way to invoking the fifth development era called Voltaire. This new phase is going to start the decentralized decision-making capabilities for the Cardano blockchain that will increase its decentralization.
CIP 1694 is the first step towards installing the Voltaire phase that will transform the blockchain ecosystem into a self-sustaining entity. It will also enhance the existing governance model on the Cardano network.
CIP 1694 contains a voting and treasury system extension that grants voting rights to its stakeholders based on future development. With its implementation, the validators on the matter and other stake position holders will be able to participate in a democratic voting system to decide the future of the Cardano blockchain.
These changes can make Cardano network a truly decentralized project that is wholly owned by its community members. Speaking on the matter, Hoskinson denied the idea that this proposal was secretly going to monopolize all the voting power.
In his latest video address, Hoskinson addressed the matter concerning the voting bias of the CRIP 1694. He claimed that such claims are not based on fact and urged the naysayers to read the CIP 1694 proposal.
He also claimed that this new decentralized proposal is going to increase the decentralized capabilities of the Cardano blockchain. One such naysayer is Web3 advisor Vanessa Harris. She has made claims that CIP 1694 is going to reroute all governance power to Cardano Foundation’s parent company named IOG.
She has alleged that this proposal can grant considerable power to the constitutional committee of Cardano blockchain supreme power over governance matters.
She has also claimed that with this proposal in place, it will become almost impossible to decommission the current constitutional committee since the vote of no confidence requires majority votes. However, Hoskinson has dismissed these assertions by calling it FUD.