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What you need to know about the Cardano Voltaire update

The Cardano network is preparing for an update Voltaire, the latest step in its roadmap to move towards a fully decentralized blockchain ecosystem.

With the update, Cardano will feature a voting system and treasury that will allow stakeholders to influence the future development of the platform.

What will change with the Cardano Voltaire update?

Cardano’s development stages, or “eras”, are named after prominent figures in poetry and computer science, such as Lord Byron, Percy Bysshe Shelley, Joseph Gauguin, Matsuo Basho and Voltaire.

The current era of Bashō is focused on scaling the blockchain. The latest era, Voltaire, introduces governance, voting and treasury management functionality. The upcoming fork of Chang, in turn, will pave the way for the upgrade. Cardano founder Charles Hoskinson emphasized that Voltaire will transform the network into a fully decentralized blockchain ecosystem.

“This is the most significant milestone in the history of Cardano and for the entire industry as a whole. Cardano will become a decentralized civilization spanning the entire world with millions of inhabitants. We will have the most advanced blockchain governance system, annual budgets, a treasury and the wisdom of our entire community to guide us,” Hoskinson said.

Cardano roadmap. Source: Cardano

According to road map project, Voltaire will mark the final phase of a multi-year program. Activating the update will transfer the blockchain from the hands of Cardano developer IOHK to the hands of community members.

The Chang fork will introduce important tools and infrastructure to support the new era by giving network participants, including ADA holders, control rights. They will be able to propose and vote on improvements to Cardano using the existing staking and delegation process.

With the transition to Voltaire, Cardano will also implement a treasury system funded by a portion of all transaction fees. These funds will be used for network development projects selected by voting. The community must test everything before updating new control functionsdescribed in Cardano Improvement Proposal (CIP) 1694.

How the update will affect the price of ADA

Cardano is expecting another update in the near future called Ouroboros Leios. This upgrade is aimed at improving transaction efficiency and scalability: it will allow the network to process increased transaction volumes while remaining decentralized.

All of these improvements could positively impact the price of ADA, influencing market sentiment. Updates that improve scalability, security, and functionality build investor confidence. This increases interest in the purchase and potentially increases the value of the asset.

“The Chang fork will prove Hoskinson’s long-held point: Cardano, currently one of the most criticized blockchains, is built for the community. From accusations of centralization to decentralization via hard fork and upgrades supported by Leios, Cardano is set for significant progress. Increasing demand for ADA will potentially cause the price to rise in the long term. With these updates, we are likely to see a bullish scenario with a target price of $1.5 by the end of the year,” said Taha Abbasi, CTO of Ferrum Labs.

Source: Cryptocurrency

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