Table of Contents
With this article, we will analyze in detail the Byron phase of Cardano. If, on the other hand, you want to learn more about the other phases, you can find the articles below:
The Cardano roadmap: dedicated article to learn more about the roadmap
Byron phase: it’s time for networking with the creation of the connected token.
Shelley phase: involves the development, growth, and decentralization of the network.
Goguen phase: the creation of protocols for smart contracts will be achieved, expanding the uses of Cardano to a wider audience.
Basho phase: a phase of the roadmap in which the optimization of network processes will be carried out, offering greater scalability and speed in transactions.
The Voltaire phase of Cardano represents the latest milestone in the cryptocurrency roadmap. It is considered by most as an incredible breakthrough that will manifest itself in the project by providing the community with full control over future developments.
The Voltaire phase of Cardano
We can define governance as the focal point of everything we do in a civil society: companies, charities, and any type of organization that requires bodies to make decisions or implement changes, whether they are decentralized powers or centralized structures.
It can be said that even in an ecosystem like that of Cardano, blockchains need bodies similar to governance, for a more rigorous performance of the entire system. The point on which this platform focuses, however, concerns the attempt to decentralize and democratize these bodies, in a climate of transparency and sharing with all the other members of the community.
The great merit of the Cardano group is precisely that of not fearing new experiments and of implementing innovative projects that can also revolutionize and overturn the old systems, however always bringing great advantages to the users.
Voltaire is part of this great innovative program that will finally lead to the birth of decentralized blockchain governance. Thinking about it, blockchains are huge ecosystems of users with equal powers who operate for the common utility and can have as their object the functions of stake pool operators, developers, basic users, or companies with exclusive perspectives to offer to the platform.
Decentralization and full power to the community
The Voltaire phase of Cardano represents a highly anticipated release that will allow the platform to become completely self-sufficient. The main idea of the designers is to introduce a voting mechanism and a treasury process according to which every participant belonging to the blockchain will be able to make use of the right to vote and share, to condition the future of the platform.
The main goal, in fact, is that of decentralization and implementation of the previous era, Shelley. This step forward which aims to optimize the already well-functioning product and perfect the current mechanism is much appreciated by the community. From this perspective, the platform will allow each participant to propose improvements and changes to the structure that will be made known to the entire community. This means that the latter will be able, according to its own experience, to evaluate whether or not to do so by exercising its right to vote.
The Voltaire era, as the last of Cardano’s many steps, contemplates a revolutionary treasury system that allows the creation of a common fund to be used to make improvements to the platform or to overcome any critical issues. A real platform that aims at the democratization of the system through the decentralization of authority, which thus passes from the hands of a single body with decision-making powers to those of the community.
People who feel involved in the process of modernization and implementation of the structure with the possibility of proposing innovative ideas that do not arise from the governance of the site but from the users themselves, who use it and know all its flaws. The idea of Cardano Voltaire is precisely to bring out the gaps in the system, the malfunctions, the critical points, and the small defects that only the end user knows well because he encounters them every day trying to overcome them.
In this direction, the community feels part of a system beyond the basic functions for which it lives and is motivated to dissect all aspects, also developing solutions and ways out for optimal and continuously improving performance.
This system is necessary for Cardano to be defined as truly decentralized and democratized, to concretely overcome the direct management of IOHK.
What does Charles Hoskinson think of the Voltaire phase?
To better understand the mechanism of the Voltaire era and fully understand its purpose, Charles Hoskinson, CEO of IOHK, has created a video shared on YouTube in which he explains the process that underlies the liability guarantee process financing on the Cardano platform.
Indeed, thanks to Voltaire, the governance phase of the blockchain will allow Cardano to evolve into the best platform for managing the market, with a multitude of users who will participate in the accountability system of the blockchain itself. Precisely for this reason, its introduction has long been discussed within the circles frequented by developers, who have strongly wanted this change and have hoped for its improvement even in ten years.
Indeed, it is a revolutionary change that has given rise to accountability management that can be controlled simply while remaining decentralized. This is possible only through a division into processes: that of presentation, discussion, ballot, and final vote of the blockchain.
When a structure undergoes profound changes, it is natural that it may also present some critical issues such as, for example, the choice of responsible subjects who receive the funds. This means that in the meantime the community will deal with the money accumulated in the treasury fund of the Cardano platform trying to manage it in the common interest. At the moment there are no local entities that can trace the activities performed with the money received.
This system guarantees supervision by entities ranging from third-party companies or influential members of the community who will become the ears and eyes of the community, producing monthly or weekly reports, verifying complaints, checking codes, and general supervision of the expenditure incurred.
In a broader vision, Hoskinson elaborates a theory on Voltaire’s future according to which some private companies offer network supervision as a professional service, obviously only for the most conspicuous funds, leaving small funds that do not require qualified supervision to community management.
Conclusions: why invest in Cardano
We have seen in detail the Voltaire phase of Cardano. Like any new creation, Voltaire also needs testing and practical experimentation, which is why it becomes essential to create a well-functioning feedback system that can transform the critical issues of the platform into solutions to be elaborated.
This means that the final phase of the structure will be about establishing this feedback loop so that the fruits of the project realized through Cardano funds will be channeled back to the presentation phase and subsequent discussion.
In this way, community members will feel truly involved and responsible for the platform. But not only that, thanks to the feedback system thus conceived, the platform frees itself from those failed forms allowing users to create links with auditors and managers.
In this direction, the CEO of Cardano’s IOHK himself hopes for the opening of ad hoc companies aimed at the study and management of responsibility, a real critical point for Voltaire. The company, conceived in this way, will be made up of consultants and experts from the most varied backgrounds called to evaluate the mechanisms of accountability and allow optimal management of the feedback cycle, through constant monitoring.
From this perspective, in ten years’ time there will be a multiplication of subjects who participate in responsibility. An ongoing project, therefore, approved, introduced and already functioning but which must be perfected with the help of the same users who use it, to effectively implement the evolution process in which Cardano believes and intends to invest.
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