Charles Hoskinson, the founder of Cardano, has announced that the blockchain network is on its way to becoming fully decentralized with the introduction of its new governance model, Voltaire. Under Voltaire, ADA holders will have a direct say in the future of the ecosystem, while the role of IOG and Hoskinson will be reduced.
Hoskinson expressed his vision for a decentralized Cardano ecosystem in a tweet, stating that he wants to allow people to build service layers within the system. These service layers will have their own blockchain, tokenomics, transaction logic, network logic, and consensus logic, and will be connected through a bridge.
The goal is to move as much off-chain and centralized data as possible and make Cardano the center of decentralized applications (dApps). Hoskinson emphasized the importance of interoperability and the need to bridge to other networks like Ethereum and Bitcoin.
Although other networks, such as Ethereum, currently have more developers, Hoskinson believes that these developers could become potential Cardano customers. By creating a service layer with hooks for interoperability, developers can write dApps in Solidity on Ethereum and utilize Cardano’s decentralized network and hosting.
Hoskinson sees Cardano’s potential beyond simple cryptocurrency usage, targeting government applications. With the service layers, governments can run permissioned platforms that they control, based on the decentralized infrastructure of Cardano.
In another video on Twitter, Hoskinson discussed the Cardano Ballot and CIP 1694, a proposal for an on-chain decentralized governance mechanism for Voltaire. The Cardano Ballot serves as an open-source platform for temperature checks on governance-related questions. Committee members can use it to get feedback from the community before submitting improvement proposals officially.
Despite the ongoing development and updates, the price of ADA has yet to respond positively. At the time of writing, ADA is trading at $0.3572, down 6.6% in the past 24 hours. However, the token has experienced a 44% increase in the past 30 days, reaching its highest level since May.
Despite the price fluctuations, Cardano supporters remain optimistic about the future of the token, expressing their faith in its potential. They believe that Cardano’s decentralized approach gives everyone a voice and contributes to its growth as a blockchain network.