Cardano’s inventor, Charles Hoskinson, has addressed recent concerns over the network’s governance structure, assuring ADA enthusiasts and users that development procedures would be robust and open.
In a video published on March 16, Hoskinson addressed rumors about CIP 1694, a new governance concept that would lead Cardano into the age of Voltaire. The CIP, proposed in November 2022, established a framework for on-chain governance supporting Cardano’s Voltaire phase.
The Voltaire age of Cardano will be the fifth main phase of the Cardano blockchain and is anticipated to establish the groundwork for decentralized decision-making, ushering in a self-sustaining mechanism for the network. CIP 1694 aims to improve upon and expand the original Cardano governance by introducing a voting and treasury mechanism allowing network users to utilize their stake and voting rights to influence the network’s future evolution.
Throughout the session, the expert dismissed concerns that the idea was being pushed via a closed private procedure controlled by a single party, posing a danger to decentralization in light of previous developer discussions.
Hodkinson said that the notion of representative democracy is essentially the voting class that makes choices about one of the seven governance events in 1694.
Hoskinson explained that the CIP would decentralize the network’s governance mechanism by expanding voter options. According to him, the purpose of the suggestion was to create a system that meets the demands of all users by allowing them to vote yes or no, delegate their vote, or abstain from voting.
Vanessa Harris, a Web 3 adviser, alleged that the CIP-1694 arrangement was meant to guarantee that Input-Output Global (IOG), the creators of Cardano, would continue to dominate the project. Hoskinson was recently compelled to reply to similar charges.
According to her, the idea would give Cardano’s constitutional committee great authority, which would compromise IOG insiders and put their governance choices against those of network users. According to her assessment, a vote of no confidence would need a majority of delegates, making it impossible to replace the committee.
Intriguingly, Hoskinson criticized the allegation as “categorically incorrect and a prime example of how FUD spreads.”
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