Charles Hoskinson, co-founder of Cardano, recently made a significant announcement regarding the Cardano blockchain network. He revealed that the ‘Genesis Keys,’ critical to the network’s initial governance, have been burned. This symbolic decision marks the end of the era where IOHK (Input Output Hong Kong) had significant control over the Cardano protocol and the move towards complete decentralization.
The End of the Genesis Keys Era
Charles Hoskinson announced that the 'Genesis Keys' have been burned, removing IOG's control over the Cardano protocol. This decision marks a crucial step towards the complete decentralization of the network.
What Does This Mean for Cardano?
The death of the Genesis Keys symbolizes the end of an era and the beginning of a new age of community governance and continuous innovation. Hoskinson expressed his enthusiasm for this new phase and stated that Cardano will now be guided by the collective wisdom of its crypto community. This evolution strengthens Cardano’s position as a leader in the field of decentralized blockchains.
Transition to the Voltaire Era
The transition continues with the Chang upgrade, postponed to September 1. This upgrade introduces several significant improvements, notably version 9.1.0 of the Cardano node, which is now live. Aimed at improving the network’s performance, scalability, and security, this version also provides enhanced tools for developing and deploying decentralized applications (dApps) on the Cardano blockchain. However, the upgrade requires 70% of stake pool operators (SPOs) to install the new node before the hard fork can complete. Once this step is accomplished, Cardano will fully enter the Voltaire era, featuring advanced governance systems, annual budgets, and a community-managed treasury.
The death of the Genesis Keys represents a significant milestone for Cardano, marking the end of one era and the beginning of another focused on community governance and innovation. The Chang upgrade represents a major step forward and reinforces Cardano’s position as a leader in the field of decentralized blockchains.
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