Cardano’s Top Improvement Proposal Unveils Next Steps
Cardano, the layer-1 Proof-of-Stake (PoS) blockchain protocol has unveiled the next steps for its much-anticipated improvement proposal CIP-1694 in its weekly edition of its developmental report.
Cardano CIP-1694: Current Progress and What to Expect
Dubbed the passport for Cardano to enter into a very functional and inclusive governance system, the need to push the work on CIP-1694 saw community representatives from around the world come together to propose a Minimum Viable Governance (MVG) framework. Since the start of the year, as many as 50 workshops have been completed that involved about 1000 community members, all of whom discussed the proposal’s details.
One of the consensus that has been arrived at is the need to collect feedback from these meetings and to design them such that they can align with the needs of the community and of the tenets of the Cardano protocol.
As part of the next steps as CIP-1694 moves to its final form, the report highlighted that “a consensus is forming around the frame proposed in CIP-1694, and with it, a community-led proposal for MVG will be available to all ada holders.”
The Cardano core developers affirmed that several voting options will be presented in the coming months “ensuring the community continues to guide the governance mechanism that best represents the community’s needs.”
Cardano and the Innovative Upgrades
Cardano remains one of the most functional blockchain protocols in the Web3.0 world. As a blockchain network, it has continued to set the pace with respect to its attention to innovation through a series of upgrades and new product releases.
While CIP-1694 remains one of the most anticipated upgrades that will help reset the decentralization features of the protocol, the debut of Hydra Head, its layer-2 scaling solution on the mainnet remains one of its most ambitious upgrades thus far this year.
While the core Cardano team has also released Lace, its first light wallet, independent developers have also found Cardano as a functional blockchain and smart contract outfit to launch their applications. Drawing on this, the Cardano community played host to the launch of DJED, one of the industry’s most collateralized stablecoins which has swiftly carved a niche for itself as a dominant protocol on the Cardano blockchain.