The initial invention is CIP-1694, a method for on-chain administration co-written by Cardano’s inventor Charles Hoskinson. This plan, which was presented by programmer Jared Cordouan in November 2021, is presently through a vote procedure and will serve as a forerunner to Cardano’s shift to the Voltaire advancement stage.
The Voltaire stage is planned to be the last step in the advancement of the Cardano ecosystem and will act as a decentralized management model for the remainder of the sector. Along with CIP-1694, Cardano is offering a price index built by the dcSpark team for its native coins. This index may be installed domestically and cost-free, without requiring an API or a third party. Minswap, WingRiders, and SundaeSwap, the three biggest decentralized exchanges on Cardano by total value staked, have already endorsed it.
Cardano is among the cryptocurrency industry’s most proactively advanced projects, having higher daily advancement activity on GitHub than Polkadot, Cosmos, and Ethereum. The launch of these 2 additional improvements demonstrates the Cardano team’s ongoing commitment to enhancing and extending the platform’s potential.
Glad to see the community going through this. I'd encourage everyone in cardano to do readings of the CIP and share your opinions both pro and con https://t.co/rvJ8eXTld1
— Charles Hoskinson (@IOHK_Charles) December 19, 2022
Cardano Price Index
The price index for Cardano’s in-house tokens is an especially significant innovation, since it enables the building of a domestic, independent index without the requirement for an API or external parties. Not only does this renders it more easy for consumers, but also increases safety by decreasing dependency on external services. The backing of the three main decentralized exchanges for Cardano is also a positive indicator, since it demonstrates the index’s respectability within the sector.
CIP-1694
The CIP-1694 method for on-chain administration is a further significant milestone for Cardano, as it will act as a forerunner to the Voltaire stage and assist to establish an industry benchmark for decentralized administration. The reality that the Cardano platform is now through a vote process illustrates its community-led character and the significance of user participation.
Final Thoughts
Ultimately, the release of these two major breakthroughs is a clear sign of the Cardano group’s continuous dedication to enhancing the platform’s abilities and establishing itself at the forefront of blockchain technology and decentralised finance (DeFi). Cardano is predicted to stay among the most prominent and frequently used blockchain platforms in the sector as it strives to challenge the limits of what is achievable with blockchain.