Cardano (ADA) Founder Shuts Down CIP-1694 Governance FUD

Cardano (ADA) Founder Shuts Down CIP-1694 Governance FUD

Time Stamp: March 18, 2023 6:45 AM
Source Node: 2019269
  • Charles Hoskinson addresses certain tweets about Cardano’s governance on Twitter.
  • Hoskinson shares the concept behind the CIP-1694 governance mechanism.
  • The price of ADA has risen over the past seven days.

The topic of governance has been hot in the Cardano (ADA) ecosystem lately. Many conversations have been taking place across Crypto Twitter around Cardano’s governance system and CIP-1694.

According to Charles Hoskinson, “materially untrue” skepticism has been on the rise. The Cardano and Input Output Global (IOG) founder has shared a video in response, addressing the CIP-1694 “drama and FUD.” 

In the video, Hoskinson talks about the drama “floating over Twitter” surrounding Cardano’s governance and associated decision-making processes, in particular.

Charles Hoskinson Responds

The self-proclaimed “King of the Rats” particularly highlights a tweet by crypto writer A Nerd on a Wire. The tweet calls out not only the Voltaire phase of Cardano but also the associated thought processes, described by the author as “closed-door” meetings.

In the replies, the author later suggests that Cardano will force ADA to vote or lose their rewards.

According to Hoskinson, the whole concept of the CIP-1694 governance mechanism is that a “voting class” makes decisions about one of the seven governance events. This is also being “discussed and debated in an increasingly open way.”

Hoskinson uses the tweet as an example of the aforementioned “materially untrue” Twitter drama. He further opines that the comment by A Nerd on a Wire is one of many dramatic comments from people who don’t take the time to understand the nuances of CIP-1694.

CIP, FUD, & ADA

A Cardano Improvement Proposal (CIP) is a formalized design document for the Cardano community. The proposal is, by design, decentralized and community-driven. Material from Cardano workshops is also publicly available.

Furthermore, Cardano’s Age of Voltaire is set to remove the ecosystem from the governance of IOG completely and place it under the rule of the community.

According to community member Hornan7, there is nothing that forces stakers to vote. He writes that anyone can opt out of voting by choice by “delegating to the pre-defined Drep.” This will reportedly cost “a staggering amount of 0.17 ADA” with awards as well.”

Another community member responding to the FUD tweet has brought up the point that “without governance, you can’t vote how governance should be set up.”

Although Hoskinson debunks some FUD claims, the Cardano community has a long-standing reputation of division, especially on Twitter. According to Hoskinson, such drama, unfortunately, spreads FUD regardless of its authenticity and accuracy.

The price of ADA is not responding in any notable way to the FUD or constant roll-out of developments on Cardano. At the time of writing, ADA is trading at $0.34 USD, recording a 7.19% increase over the past seven days.

On the Flipside

  • Charles Hoskinson has called out Twitter and the media many times before.
  • The Cardano founder urges the community to just read the CIP-1694 proposal.

Why You Should Care

The Age of Voltaire is the last step toward the Cardano network becoming a fully decentralized and self-sustaining system. Amidst the FUD, the community has long-awaited a breakout for the price of ADA in response to the innovation exhibited through the network’s development. 

Read more about the Age of Voltaire on Cardano:
Will Voltaire Catalyze Cardano’s (ADA) Long-Awaited Breakout?

Read more about the latest news on the Solana ecosystem:
Formfunction’s Demise: Solana (SOL) NFT Marketplace Takes a Hit

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