Crypto: Cardano Burns The Genesis Keys And Gets Ready For Voltaire!

Charles Hoskinson, co-founder of Cardano, recently announced a major update regarding the Cardano blockchain network. In a striking statement, Hoskinson revealed that the “Genesis Keys,” essential 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. Now, the crypto network is preparing to enter the Voltaire era, a phase of complete decentralization.

Crypto: Charles Hoskinson Announces the End of Genesis Keys!

Charles Hoskinson, who recently resurfaced, announced that the “Genesis Keys” have been burned, thus removing the control that IOG had over the Cardano protocol. This decision marks a crucial step towards the complete decentralization of the network.

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.

Cardano Much More Efficient?

The Chang upgrade, postponed to September 1, is at the heart of this transition. It introduces several significant improvements, notably version 9.1.0 of the Cardano node, which is now live. This version aims to improve the network’s performance, scalability, and security. Developers will also benefit from enhanced tools to create and deploy decentralized applications (dApps) on the Cardano blockchain.

However, this transition is not without challenges. The update requires 70% of stake pool operators (SPOs) to install the new node before the hard fork can occur. Once this step is completed, Cardano will fully enter the Voltaire era! This comes with an advanced governance system, annual budgets, and a community-managed treasury.

The Chang upgrade, which recently boosted ADA by 8%, represents a major advancement for Cardano. It reinforces its position as a leader in the field of decentralized blockchains. 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 in the crypto ecosystem.