Cardano’s CIP1694 will enhance decentralised nature

Charles Hoskinson explained how the CIP 1694 focussed to enhance the decentralised nature of the Cardano blockchain network.

Cardano is a popular Proof-of-stake (PoS) blockchain network. Over the last 6 years, this crypto blockchain is standing in the top 10 ranks of crypto assets by market cap, thanks to the efficient & stable network of the crypto blockchain. Popular crypto entrepreneur & Ethereum co-founder Charles Hoskinson founded this crypto project in 2017, as a rival of the Ethereum project. 

On 25 May 2023, In a new YouTube video podcast, Charles Hoskinson shared the new development activities in the Cardano Blockchain ecosystem and said that CIP 1694 will bring enhanced decentralisation to the Cardano network.

According to Hoskinson, the new proposal will bring new changes in the governance system & further will provide more clarity & authority to the token holders to participate in future development plans. 

“You should have a say, not people you’ve never met, not people that aren’t accountable to you, and not people who don’t have your best interest at heart and I’d like to believe we can get there. That’s why we built Cardano,” the Cardano founder said.

Further, the crypto entrepreneur said that Cardano is going to establish a collaboration with the University of Edinburgh’s decedecentralizationex lab. In this collaboration, they will measure the level of decentralised nature of the Cardano network and further will compare the result with Ethereum & Bitcoin.

Ada price action

Ada is the native token of the Cardano blockchain. The current trade price of this token is $0.3658 & this trade price is 2.43% high over the last 24 hours trade price. 

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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