Cardano’s Voltaire Era: Empowering the Community for Decentralized Governance
Later this year, Cardano will be entering the Voltaire era, which aims to establish a self-sufficient system allowing network participants to steer the platform's future development through voting and treasury systems.
While the Shelley era introduced a distributed infrastructure, true decentralization requires the platform to maintain and enhance itself in a decentralized way. During the Voltaire era, network participants could propose ideas for improving Cardano, which stakeholders could vote on via the existing staking and delegation process.
To fund future development, the Voltaire era will feature a treasury system pooling a portion of all transaction fees to support development activities following the voting process.
Once both the voting and treasury systems are in place, the Cardano community will be in control of the platform’s future. It will have the necessary tools to develop it from a secure, decentralized foundation established by IOG.
Recently, IOG shared an update on Cardano’s Age of Voltaire and highlighted CIP-1694, a Cardano Improvement Proposal named after French enlightenment thinker Voltaire’s birth year.
This proposal is a crucial part of Cardano’s next-generation governance. It is being co-created with the community to provide on-chain mechanisms that improve democratic decision-making across the ecosystem.
IOG plans to conduct a series of community events in 2023 to advance the CIP towards community validation and implementation as the platform gears up to enter the Voltaire era and usher in a new age of governance.
At the time of writting ADA is trading at $0.35 with a $235.3 million 24-hour volume.