- Cardano’s Voltaire era is in full swing.
- The ultimate goal of Voltaire is to hand governance to the community.
- Voltaire will bring changes to how Cardano is run post-implementation.
Cardano is on the cusp of a major evolution with the upcoming Voltaire era, which promises full decentralization and community governance of the blockchain network. This fifth and final era of Cardano’s development roadmap will realize the vision of a self-sustaining, decentralized protocol. Various initiatives are underway to transition Cardano into a community-run network, including the rollout of the CIP-1694 proposal.
CIP-1694 specifically lays the groundwork for decentralized governance of the Cardano blockchain. It seeks to establish a Constitutional Committee, Delegated Representatives, and formal processes for proposing and voting on network improvements. This proposal represents a crucial step in handing over the network to the global community from the Cardano Foundation (CF) and Input-Output (IO).
With the launch of CIP-1694 slated for a Q1/Q2 2024 rollout, the Voltaire era will soon transform Cardano into one of the first major blockchains to achieve true decentralization. This monumental transition promises to change the face of the entire blockchain industry.
With so much uncertainty surrounding what happens post-Voltaire, DailyCoin senior journalist Insha Zia sat down with Cardano Foundation CEO Frederik Gregaard to delve deeper into the matter.
Cardano Foundation Filling the Gap
Regarding the CF’s role after handing governance to the community, Gregaard clarified that the Foundation already has a “hands-off” approach pre-Voltaire. It does not control monetary policy or direct blockchain development, unlike the role typically played by other blockchain foundations.
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However, post-Voltaire will see an extension of this approach, whereby the Foundation will take on risks and initiatives that commercial entities may avoid, such as filling the gap that arises from essential high-priority projects that are commercially unviable.
“If this has a high legal reputational or regulatory risk, and nobody in the community is going to do it at the current maturity level, then most likely the Cardano Foundation will do it,” explained Gregaard.
The CF already tackles programs related to trademark and user protections and countering fraudulent activities, but post-Voltaire will see a continuation of this safeguarding role by the Foundation.
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“This is what we are already doing today. After CIP-1694, I believe we will still be doing quite a lot of that,” confirmed Gregaard.
Governance Participation
In addition to filling in the operational gaps, Gregaard envisions the CF adopting the role of a delegated representative post-Voltaire. Delegated representatives, or dReps, are entities that enhance the quality of governance decisions through power conferred by users delegating their tokens to these entities.
“dReps will coordinate and form policies together, source and review data, consult with experts, and ultimately vote on an array of projects and topics that the community has brought forward.”
Gregaard envisions the CF participating in drafting a Cardano constitution to enshrine core values and the future direction of the network. He also sees the Foundation serving as a constitutional committee member post-Voltaire, given that this role aligns well with the Foundation’s mission.
All in all, Gregaard does not see the Foundation’s duties changing drastically post-Voltaire in that the CF will still aim to provide a trust anchor role after governance is handed over to the community.
Core Focus Areas
Touching on the CF’s efforts to address public misconceptions and communicate the unique value of Cardano more clearly, Gregaard drew attention to the Foundation’s approach to the core focus areas of operational resilience, education, and adoption.
- Operational resilience – showcasing Cardano’s capabilities for critical applications. This involves regulatory outreach and establishing best practices for enterprise use.
- Education – the Foundation is creating materials to explain Cardano from the ground up. There will be training modules to take users from no blockchain knowledge into advanced implementation.
- Adoption – involves organizing global summits and building real-world use cases. The goal is to drive hands-on engagement from developers and partners that will organically improve understanding of Cardano’s strengths.
Expanding on how the CF is actively working on improving public perception, Gregaard revealed that the Foundation is engaged directly with governments and regulatory bodies like the Financial Conduct Authority and the European Securities and Markets Authority to meet goals on policy, financial oversight, and consumer protection.
On the Flipside
- Regulatory uncertainty around cryptocurrencies globally is an ongoing risk factor.
- Community-led governance is an experimental model with no guarantees of success or smooth running.
Why This Matters
The CF is committed to making community-led governance successful, ensuring a safe, secure, and collaborative ecosystem for all stakeholders. As the Foundation steps back post-Voltaire, it is paving the way for a new era of decentralized governance in the crypto world.
Learn more about the pushback on Input Output’s acquisition of Nami Wallet here:
Cardano CEO Blasts Nami Acquisition Critics as “Drama Queens”
Find out how the SafeMoon team responded to federal charges against key personnel here:
SafeMoon Vows to Keep Building Despite Damning Fraud Charges
