Cardano, a blockchain platform that is known for its focus on security, scalability, and sustainability, is introducing two new innovations that are set to further advance the capabilities of the platform.
The first innovation is CIP-1694, a mechanism for on-chain governance that was 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 latest stage in the development of the Cardano network and will serve as a model for the rest of the industry in terms of decentralized management. In addition to CIP-1694, Cardano is also introducing a price index for its native tokens, which were developed by the dcSpark team. This index can be deployed locally and for free, without the need for an API or third party. It has already gained the support of 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 continued dedication of the Cardano team 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 allows for 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 the 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 within the industry.
CIP-1694
The CIP-1694 mechanism for on-chain governance is another important development for Cardano, as it will serve as a precursor to the Voltaire phase and will help to set the standard for decentralized management within 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 input from its users.
Final Thoughts
Overall, the introduction of these two new innovations is a strong indication of the ongoing commitment of the Cardano team to advancing the capabilities of the platform and leading the way in terms of 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.
