- There’s a new upgrade coming on Cardano.
- The name is CIP:1694. So, it will bring more decentralization to the Cardano network.
Cardano is one of the most prominent crypto ecosystems, especially due to its co-founder, Charles Hoskinson. So, this update will allow the ADA community to participate fully in the Cardano ecosystem. Especially in its decision-making.
New Update Coming to Cardano
- There’s a new update coming to the Cardano network. Hence, ADA soldiers should get themselves ready, as there’s going to be a massive change. So, Cardano often faces criticisms of centralization on the blockchain. This is because of the concentration of governance on Genesis key holders. So, there was a need for a new update that would allow the whole ADA community to participate in decision-making processes.
- This new update is known as the CIP:1694. So, this new upgrade aims to allow every Cardano user to have the right to participate in the governance of the network. Further, this new update will lead to the introduction of three distinct governance bodies that have specific functions in this new governance framework. These new bodies will include.
- A constitutional committee
- Delegate representatives, also known as DReps.
- Stake Pool Operators also called SPOs.
Charles Hoskinson Accused of Lack of Confidence
- Charles Hoskinson, the co-founder of the Cardano ecosystem, received accusations of a lack of confidence about the new upgrade. So, Charles Hoskinson hosted a new livestream explaining the new upgrade to the community. On the other hand, one of the supporters of the ADA token said the Cardano founder wasn’t confident about the new upgrade.
- According to this Twitter (now X) user, he said Hoskinson was “so confident about the new update. Apparently, this new update will change Cardano to a tricameral decision-making body. Furthermore, this Twitter user said Cardano is moving towards a centralization part. “These are not the words of a confident @IOHK_Charles, and it sounds like a threat. Just another way of centralization,” the user said.
Charles Hoskinson Responds to Accusations
- Charles Hoskinson responded to the Twitter user saying they can’t make a judgment with a 1-minute video. So, the Twitter user making these statements was in relation to a 1-minute video of the update on the timeline. However, the main video where Charles Hoskinson spoke about the new upgrade was 45 minutes long.
- In response, Charles Hoskinson said the user shouldn’t make an opinion with a 1-minute video. Instead, the user should watch the whole 45-minute video to get a better context. So, this Twitter user apologized for his statement. On the other hand, the Cardano community is already excited about the new update.
Conclusion
There’s a new upgrade coming to the Cardano ecosystem called the CIP:1694, and it will bring more decentralization to the network. Furthermore, there were accusations against Charles Hoskinson, saying he wasn’t confident about this update. However, he denied these allegations on Twitter.
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