Hoskinson Provides Update on CIP 1694, Launch of Grant and RFP Program
In a recent video update, the Cardano (ADA) blockchain founder, Charles Hoskinson, provided an overview of the progress and developments within the ecosystem, particularly pertaining to the much anticipated CIP 1694 and the upcoming global governance workshops.
According to Hoskinson, CIP 1694, or Cardano Improvement Proposal (CIP), is making significant strides as the development team is diligently building and testing the protocol on node 8.0, with node 8.1 already in the works for release in the coming weeks.
Cardano Update https://t.co/9UFaQyPJ3y— Charles Hoskinson (@IOHK_Charles) May 25, 2023
Notably, CIP 1694 proposes a new on-chain governance system for Cardano, aiming to achieve a more decentralized and democratic approach. Currently, governance is controlled by the Cardano Foundation and a small group of stakeholders, but CIP 1694 seeks to involve all ADA holders in decision-making.
Furthermore, the Cardano founder also talked about the plan to launch a grant and a Request for Proposal (RFP) program to facilitate the development of community tooling, inviting interested individuals and organizations to contribute to the ecosystem.
The details of these programs will be announced in June and July, encouraging the creation of infrastructure, dashboards, and voting accountability mechanisms.
Additionally, Hoskinson mentioned that the Cardano project is collaborating with the University of Edinburgh’s decentralization index lab to measure Cardano’s level of decentralization compared to other major cryptocurrencies such as Bitcoin and Ethereum.
The results are expected to showcase Cardano’s substantial decentralization, which aligns with the project’s primary goal of building decentralized protocols.
The YouTube update also touched on various other ongoing projects within Cardano, including developments in peer-to-peer mechanics, signature support, and advancements in the Hydra open-source program.
Ultimately, Hoskinson emphasized the importance of focusing on progress rather than being deterred by industry criticism.
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