Developments at Cardano (ADA) went very fast last year, a lot faster even than at Ethereum (ETH). But the network has not sat on its laurels, the next major upgrade will be in about ten days.
Cardano gets new governance system
The developer community posted on Github in November CIP-1694 for. This should be the first step in the Voltaire phase, the final phase that is the official Cardano roadmap for now has in store. CIP-1694 is to form an on-chain decentralized governance system. This is voted on and the policy of the stakeholders is implemented according to it proposal on Github.
There will be in the near future six things change. For example, you can soon submit a motion of no confidence. There will also be a new governance committee, and the number of votes needed to make changes to the policy will be determined. There will be a ‘constitution’, which will state what the basic values ​​of the community are. What exactly this means is not yet clear. Also, in the future, withdrawals from the treasury will be controlled by the community, rather than by the network’s founders.
Binance supports hard fork on Valentine’s Day
Furthermore, the protocol will change slightly. All changes require a hard fork. The update is expected to take place on February 14 at 10:44:51 AM Dutch time, at the start of epoch 394. Binance has already announced that it takes into account the upgrade and pauses all withdrawals and deposits for this purpose. You can still trade ADA on Binance.
The hard fork for the testnet was scheduled to take place on February 12 at 1 a.m. Dutch time. Here is the support for ECDSA and Schnorrsignatures new, making it easier to create cross-chain applications. Ripple’s XRPL and Monero (XMR) use the same security mechanisms. More than 80% of the block producing nodes are already ready for this technology, according to Cardano parent organization Input Output Global.
8/10: This technology is now close to being deployed on the #Cardano mainnet, with over 80% of block-producing nodes running the required new node.
— Input Output (@InputOutputHK) January 19, 2023