During a recent live stream, Charles Hoskinson, the founder of Input Output Global (IOG), shed light on the roadmap for Cardano (ADA), the ultimate stage of Voltaire, and the incorporation of a new sidechain known as Midnight.
Thank you for reading this post, don't forget to subscribe!Hoskinson’s insights about Cardano’s upcoming move towards decentralization signify a groundbreaking shift for this foundational blockchain ecosystem.
Crucially, Cardano is progressing towards a fully decentralized governance framework with the arrival of Voltaire. As part of the decentralization process, Charles Hoskinson declared that IOG will transfer all repositories to a community-driven initiative named Intersect.
This transition will facilitate the establishment of “partnerchains,” which are specialized blockchains collaborating with the primary Cardano network. Midnight, a privacy-driven sidechain, plays a crucial role in this expanding network.
Essentially, each participant chain (referred to as a service-chain by IOG’s founder) will possess its own tokenomics and consensus logic, akin to the setup on the Avalanche (AVAX) subnet.
Cardano pool operators express enthusiasm over recent developments
Notably, according to notes shared by Cardano pool operator Conrad on X (Twitter), the community and pool operators will inherit the Cardano network. This inheritance encompasses the ability to earn fees from all participating chains through ADA staking.
Summing up:
1. Cardano is transitioning to full decentralization with Voltaire.
2. CH and IOG relocate all repositories to Intersect, initiating the formation of a partnerchain, paving the way for others to follow.
3. We, the community and pool operators, inherit Cardano and earn fees from all… https://t.co/C5Hn2HzGIA
-$Conrad (@conraddit) 17 November 2023
Conrad underscores the rapid pace of this development, despite the inherent risks accompanying such expansive technological frontiers. Nevertheless, he acknowledges the necessity of taking risks in technological innovation, deeming it vital for unprecedented success.
Many view this maneuver as a courageous stride towards fortifying Cardano’s standing in the blockchain sphere. With the introduction of Midnight and the evolution of the Partnerchain, Cardano’s ecosystem has the potential to become more robust, versatile, and user-oriented.
Explained in detail by Genius Yield’s Cardano Academy, Midnight, the sidechain, will provide privacy for smart contracts and transactions. This feature sets it apart from Cardano’s public ledger, which empowers users to execute confidential operations.
As the project advances, community participation and contribution grow increasingly pivotal. Enthusiasts are closely monitoring Cardano’s trajectory towards a decentralized future, as it promises to redefine blockchain governance and functionality.
Disclaimer: The content of this site should not be deemed as investment advice. Investing is speculative, and there are risks associated with it.
Featured image via Charles Hoskinson’s YouTube.
Source: finbold.com
