Highlights:
- Cardano’s Node 9.0.0 graced the crypto space, sparking excitement among ADA enthusiasts.
- The Node 9.0.0 release implies that the Voltaire era is almost upon us.
- ADA records decline in its past 24-hour statistics despite the positive sentiments hovering around its future.
Cardano has been making rounds in the crypto space courtesy of its Chang hard fork upgrade, which could happen soon. Amid the euphoria hovering around Cardano’s anticipated heights, the platform recently released its Node 9.0.0 technology, sparking a new excitement wave.
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Notably, Charles Hoskinson, Cardano founder, broke the Node 9.0.0 release news via a YouTube broadcast dated July 8, 2024. During the livestream, the Cardano founder expressed his excitement about the new release by providing salient details about the technology.
Node 9.0.0: Chang in a Box https://t.co/mQEkB0nuGu
— Charles Hoskinson (@IOHK_Charles) July 8, 2024
Node 9.0.0 Significance
The Node 9.0.0 launch boasts significant influence, poised to prime the Chang hard fork launching pathway. Consequently, the Node 9.0.0 will integrate several features into a single entity in preparation for the “Voltaire” era. These features include an on-chain government that ensures users’ active participation via the SIP 1694. Others include support for Plutus V1 reference scripts, Plutus V3.0, and Plutus script signature.
For context, by integrating the mechanisms highlighted above, Node 9.0.0 will usher Cardano into the bootstrap phase of SIP 1694. Hence, it underscores earlier claims about the significance of Node 9.0.0 in marking the end of Cardano’s developmental roadmap (Voltaire era).
Node 9.0.0 Integration Process
Per Hoskinson, the Node 9.0.0 integration process will involve an intensive test phase headed by Stake Pool Operators (SPOs). These SPOs will access, monitor, and determine the appropriate timing for an upgrade.
Once 70% or more SPOs decide on upgrading – the hard fork date will emerge, marking the transition into the Voltaire era. Subsequently, the Interim Constitutional Committee (ICC) members will come into the picture by providing credentials.
Turning on the Voltaire Era – 3 Steps
According to the Cardano founder, three steps will finalize the Voltaire era. The first phase will occur after 90 days, which entails decentralized governance structures. Notably, registered decentralized governance structures will assume voting power that makes them eligible to be involved in decisions centered around Cardano. The stage will also incorporate an interim constitution, setting the backbone for network stability.
The second phase will involve the community’s role in developing governance and precedents. Hoskinson noted that the active community groups will approve roadmaps and annual budget procedures in preparation for sustainable government. Furthermore, Cardano’s founder stressed the need to convene in Colorado to finalize discussions on budget integrations and product processes.
Moving over to the third phase, Hoskinson stated that it would involve drafting and publicly reviewing a guiding constitution. Interestingly, the Cardano founder noted that this stage will happen in Argentina, involving delegates from around the globe.
In addition, there will be a new ICC election that will strictly mirror the newly drafted and publicly reviewed constitution. Meanwhile, the IOHK team will shift focus to just developmental projects on the Cardano ecosystem.
How is ADA’s Price Reacting to the New Developments
ADA, Cardano’s native token, has been showing signs of recovery since the beginning of this month. While the broader market has been unfavorable, ADA seems to have done relatively well in remaining afloat.
At the time of press, the decentralized token is trading at about $0.37, following a 1.6% decline. Despite the positive sentiments hovering around it, ADA’s recent declines have stemmed mainly from the global market declines.
For context, the general crypto market has been quite dull. Bitcoin recorded a meager 0.4% upswing in the past 24 hours, while most altcoins have remained stagnant. How events unfold remains fluid. However, chances about ADA’s expansion prospects seem to abound with the anticipated Voltaire era.
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