New Voting Process In Cardano: Will This Make ADA The Most Valuable Cryptocurrency?
One of the most interesting projects to have come out is Cardano. Similar to Ethereum, Cardano is a smart contract platform however, Cardano offers scalability and security through a layered architecture. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.
ADA cryptocurrency lets users run smart contracts and decentralized applications on Cardano, a blockchain platform founded by Charles Hoskinson, co-founder of Ethereum. What sets Cardano apart is its focus on strict academic research to ensure the development of a secure, fast, and scalable blockchain.
Ultimately Cardano hopes to become the preeminent Proof of Stake, smart contract platform. Speed, scalability, reliability, the IOHK Foundation (the organization behind Cardano) believes that they can accomplish it all. Recently, Charles Hoskinson has talked about huge plans and the future for Cardano. He introduced a new system of voting.
This voting system would make Cardano’s native cryptocurrency ADA the most valuable cryptocurrency, according to IOHK CEO Charles Hoskinson.
The need for a new voting system:
After Cardano received lots of criticisms and a slew of attacks on the previous years and a lot of people and investors felt that the Cardano Foundation let them down; Charles Hoskinson saw the need to move the protocol which was originally static and federated (OBFT) to a new protocol that is completely decentralized and dynamic (Praos). It is believed that before next year the entire system will be dynamic and decentralized.
He also wants to build a governance system where there will be knowledge of random stuff like technical protocols and marketing by people and the participation of users and people outside the system that want to inquire and invest. A Voting system that will make people feel like they have a voice and also how to get the right social dynamics that by overtime, knowledge exists.
With all these in mind, the Voltaire Experiment was adopted and it is been developed with speed. Just like a spiral, before the next 10–20 years, this hopefully will be the most trusted and accepted system of voting.
About the Voltaire Experiment:
Bringing about Cardano’s governance era to life requires a lot more time and resources than what IOHK originally had in mind. Approval was then signed last month which has increased the company’s budget by another $600, 000.
The whole idea of this experiment/hypothesis is that Every ADA holder gets to vote and have the opportunity to decide on the allocation of DC funds resources by decentralized voting.
The funds will be in a treasury and then a ballot system of voting follows which is looked over by the Innovation Management System (Idea Scale).
The company puts out a little money part = people show up if they are interested (participation) = Then they propose a decision on how to allocate the funds by ballot system voting. Then the Idea Scale which is the innovative management system takes the proposal and works with it.
Easy peasy, right?
According to Charles, the voting system for Voltaire is at the top of the priority list. The DC fund is to play a decisive role in balancing financial ideas from the community for dApps and entire movements in advance. The first decentralized voting is taking place as early as this month (October).
The game is to unlock the wisdom of the crowd and allow more people to get funded and join the Cardano ecosystem. This may take years but the future and the pattern of growth are inevitable. The multi-system voting might be a little complicated for newbies but with time it will be understood and the sophistication gets better and will be appreciated.
“Billions of people will join this system the next few years,” says Charles Hostikon, the founder of Cardano. A Voting App will also be launched and the voters registered to avoid electoral malpractices or exchange of votes. There will also be maximum security.
This system will:
1) Increase participation and discuss the priorities of the protocol.
2) Develop thought leaders.
3) To increase community ballot and achieve better social physics and social dynamics.
Finally, Charles Hoskinson is confident that this new voting system (The Voltaire Experiment) will make ADA the most valuable cryptocurrency because everyone gets a voice and a say in the activities and doings of the system.