Cardano is making progress in Blockchain development
Cardano, a blockchain platform known for its focus on security, scalability and sustainability, is introducing two new innovations that will further develop the platform’s capabilities.
The first innovation is CIP-1694, a mechanism for on-chain governance co-authored by Charles Hoskinson, the founder of Cardano. This proposal, which was put forward by developer Jared Cordouan in November 2021, is currently undergoing a voting process and will be a precursor to the transition to the Voltaire phase of Cardano’s development.
The Voltaire phase is intended to be the final phase in the development of the Cardano network and will serve as a model for the rest of the industry in terms of decentralized governance. In addition to CIP-1694, Cardano is also introducing a price index for its native tokens, which was developed by the dcSpark team. This index can be distributed locally and for free, without the need for an API or third party. It has already received support from the three largest decentralized exchanges on Cardano by total value locked: Minswap, WingRiders and SundaeSwap.
Cardano remains one of the most actively developed projects in the crypto industry, with more daily development activity on GitHub than Polkadot, Cosmos and Ethereum. The introduction of these two new innovations is a testament to the Cardano team’s continued dedication to improving and expanding the capabilities of the platform.
Cardano price index
The price index for Cardano’s native tokens is a particularly noteworthy development, as it enables the creation of a local and free index without the need for an API or third party. This not only makes it more convenient for users, but it also adds an extra layer of security by reducing reliance on external sources. The support of the three largest decentralized exchanges on Cardano is also a promising sign, as it indicates that the index is well regarded in the industry.
CIP-1694
The CIP-1694 on-chain governance mechanism is another important development for Cardano, as it will act as a precursor to the Voltaire phase and will help set the standard for decentralized governance in the industry. The fact that it is currently undergoing a voting process demonstrates the community-driven nature of the Cardano platform and the importance of user input.
Final thoughts
Overall, the introduction of these two new innovations is a strong indication of the ongoing commitment of the Cardano team to advance the capabilities of the platform and lead the way in blockchain technology and decentralized finance (DeFi). As Cardano continues to push the boundaries of what is possible with blockchain, it is likely to remain one of the most influential and widely used platforms in the industry.
