Cardano Founder Sets Stage for the Dawn of the Voltaire Era

Cardano’s final chapter, the Voltaire era, could begin as soon as June 2024.

Charles Hoskinson dressed as Voltaire being presented with a Cardano coin.
Created by Kornelija Poderskytė from DailyCoin
  • Cardano is inches away from the Voltaire era. 
  • Charles Hoskinson confirmed the upcoming release of a new Cardano node. 
  • The new Cardano node will welcome the highly anticipated Chang hard fork and Voltaire era. 

Cardano is gearing up to catapult into the final chapter of its ambitious roadmap: the Volatire era. The upgrade promises to complete the puzzle by implementing CIP-1694, transforming the Proof-of-Stake network into a fully decentralized government. 

After years of waiting, users can finally see the light at the end of the tunnel, as founder Charles Hoskinson confirms that the wait is almost over. 

Hoskinson Confirms Chang Hard Fork Coming in June

In a social media post, Charles Hoskinson announced the upcoming release of Cardano Node version 9.0 in June. The new node will welcome the highly anticipated Chang hard fork, one of the biggest changes to the network yet. 

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Hoskinson noted that Node version 9.0 will mark the dawn of the Voltaire era, once 70% of the network’s SPOs have been upgraded. At press time, Cardano had 5874 total pools, of which 3,110 were active. 

Once the hard fork is initiated, the network will undergo the first Chang update, which will deploy governance features on Cardano and enter a bootstrap phase as outlined in the CIP-1694 proposal. The second upgrade, expected in Q4 2024, will unlock the final features of CIP-1694, including on-chain governance, treasury withdrawals, and more. 

“Cardano will be a decentralized civilization spanning the entire world with millions of residents. We'll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.: Hoskinson shared. 

The impending Chang hard fork will establish Cardano as one of the first truly decentralized networks and usher in a new era for the industry and the network. 

What Is the Chang Hard Fork? 

The Chang hard fork sets the stage for implementing CIP-1694, a transformative proposal that looks to completely overhaul Cardano’s on-chain governance infrastructure by allowing ADA holders to take control of the network by submitting governance actions or votes on-chain.

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CIP-1694 also seeks to reshape Cardano into a government by introducing constitutional committees, delegation representatives, and stake pool operators to ratify the user-submitted governance actions. 

In addition to CIP-1694, the Chang hard fork will also mark a significant shift in network dynamics, transferring power from the current custodians of Genesis keys to the Cardano community. 

The Genesis keys, initially introduced to manage system parameters and facilitate hard forks, were distributed among founding entities like IOG, Emurgo, and the Cardano Foundation. Currently, at least five of the seven Genesis key holders must reach a consensus for an upgrade. At the time of writing, IOG held five keys (including two from Emurgo), while the Cardano Foundation held the remaining two.

Following the Chang hard fork, all seven Genesis keys will be burned, effectively decentralizing decision-making and entrusting the protocol’s fate entirely to the Cardano community. This transition marks a key moment in Cardano’s evolution, shifting from a somewhat centralized governance model to one that is fully decentralized.

On the Flipside

  • Hoskinson asserted that once CIP-1694 goes live following the community vote and hard fork, the network will become “more decentralized than all crypto,” including competitors Bitcoin and Ethereum. 
  • Hoskinson’s announcement comes amidst growing community frustration with the network, with some voices even proclaiming Cardano as “dead.”

Why This Matters

The Voltaire era ushers in a new age of Cardano, characterized by decentralized, inclusive, and transparent governance. The Chang Hard Fork is a pivotal milestone in Cardano’s journey toward genuine decentralization.

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Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.